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AISec @ GovWare 2025 to Lead Industry Dialogue and AI Security

New initiative co-hosted by Trend Micro and GovWare brings together global leaders to advance responsible AI and strengthen cyber resilience.

SINGAPORE, Oct. 15, 2025 /PRNewswire/ — Trend Micro Incorporated (TYO: 4704TSE: 4704), a global cybersecurity leader, today announced the launch of AISec @ GovWare 2025, a new initiative co-hosted with GovWare, Singapore’s leading cybersecurity conference. The new programme will bring together global leaders to address the growing intersection of artificial intelligence (AI) and cybersecurity, focusing on responsible innovation and resilience in the AI era.

Ian Monteiro, Chief Executive Officer and Founder, Image Engine, and Organiser of GovWare: “As AI reshapes the digital and security landscape, collaboration will be key to ensuring its safe and responsible adoption. The launch of AISec @ GovWare 2025 underscores the growing urgency to strengthen trust, governance, and resilience in AI systems. By uniting voices from government, industry, and the cybersecurity community, GovWare continues to enable meaningful dialogue and collective action on the future of responsible AI adoption.” 

73% of organisations worldwide have already experienced security incidents due to unknown or unmanaged AI assets, and Asia Pacific (APAC) has seen a 29% increase in AI-driven cyberattacks.

While AI-driven automation and intelligent agents enhance detection and response capabilities, they also contribute to the growing sophistication of cyberattacks. 76.5% of APAC organisations say they are not confident in their ability to detect and respond to AI-driven cyberattacks. This readiness gap underscores the urgent need for regional collaboration and shared best practices.

Rachel Jin, Chief Platform and Business Officer at Trend: “AI is not only transforming how we live and work, it is also redefining the threat landscape. Organisations can’t afford to rely on reactive defences. Security must be embedded into AI from day one and continuously reinforced through proactive measures after deployment. With AISec @ GovWare 2025, we’re equipping leaders with the insight and strategies they need to harness AI responsibly, build resilience, and secure the foundation for a safer digital future.”

A Platform for the Future of AI Security

AISec @ GovWare 2025 will bring together experts from across government and private sectors, including Trend, the Cybersecurity Agency of Singapore (CSA), Government Technology Agency of Singapore (GovTech), the Global Council for Responsible AI (GCRAI), the Australian Signals Directorate (ASD), and the Department of Home Affairs, Australia.

The forum will focus on four critical themes shaping the future of AI security:

  • Building Towards Responsible AI & Governance: Addressing regulatory frameworks, industry collaboration models, and the pursuit of responsible AI adoption.
  • Defenders of Enterprise AI & Private Models: Sharing best practices and frameworks to safeguard enterprise AI systems and proprietary models.
  • AI for Proactive Cyber Defence: Exploring how AI can proactively defend against ransomware, phishing, and insider threats.
  • Ecosystem Collaboration: Highlighting the need for regulators, academia, and industry to work together in building secure AI ecosystems.

Genie Sugene Gan, Governor and Global Ambassador, GCRAI: “As AI reshapes the foundations of our digital and social fabric, trust and governance must evolve just as fast. Responsible AI isn’t about slowing progress but guiding it with intention and foresight. At the Global Council for Responsible AI, we see governance not as regulation alone, but as the connective tissue between innovation, ethics, and inclusion. This partnership turns ambitions into action by building the guardrails and global cooperation needed to keep AI both powerful and principled.”

Anthony Lim, Singapore Ambassador, GCRAI, and panellist at AISec @ GovWare 2025: “Most organisations use pre-built AI models and services, where influencing the original training data or embedded guardrails is often not possible. That makes governance on the end-user side even more important. Responsible AI thus starts with understanding how these systems are used, from the data we feed in to how we interpret and apply their output. I’m honoured to join AISec @ GovWare 2025 to help drive more accountability and smarter use of AI.”

The 2.5-hour program will open with a keynote by Rachel Jin, Chief Platform and Business Officer at Trend Micro, on how advancing AI technologies and AI-powered threats are shaping a new era of cyber risk, followed by panel discussions and thought leadership sessions on the most critical issues in AI security and innovation.

AISec @ GovWare 2025 will be held on Thursday, October 23, 10:00 am–12:30 pm, at the Sands Expo and Convention Centre (Room GW1, Level 3) in Singapore. 

To register or learn more, visit: https://go.trendmicro.com/amea/aisec/ 

About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s AI-powered cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, Trend’s platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 70 countries, Trend Micro enables organizations to simplify and secure their connected world. www.TrendMicro.com.

The Largest 2025 M&A Deal in China’s Beauty Service Industry: Beauty Farm Strategically Acquires Siyanli for RMB1.25 Billion, Reshaping the Premium Beauty Service Market

HONG KONG, Oct. 15, 2025 /PRNewswire/ — Beauty Farm Medical and Health Industry Inc. (“Beauty Farm” or the “Company”) (02373.HK), is pleased to announce that it has strategically acquired 100% equity interest in Shanghai Siyanli Industrial Co., Ltd. (“Siyanli”) for a total consideration of RMB1.25 billion.

Founded in 1996, Siyanli is a benchmark brand in China’s premium beauty service industry. According to Frost & Sullivan, Siyanli ranked as the third-largest beauty brand in China by revenue in 2024. Siyanli recorded revenue of RMB850 million and net profit of RMB81 million in 2024 (unaudited), underscoring its well-established track record of solid and resilient performance.

The transaction will be settled through a combination of cash and equity, with 67% of the consideration paid in cash and 33% in newly issued shares. To optimize capital efficiency, Beauty Farm has arranged acquisition financing to cover 41% of the transaction, meaning the Company will utilize only RMB330 million of its own funds to complete the RMB1.25 billion acquisition. Under the Share Purchase Agreement (SPA), the shares issued to the seller, MBK Partners, will be subject to a phased lock-up period, demonstrating the seller’s strong confidence in Beauty Farm and Siyanli’s long-term synergistic potential. From a valuation perspective, the transaction values Siyanli at a highly attractive P/E ratio of just 14.8x, significantly lower than Beauty Farm’s own current trading multiple and the average valuation of comparable peers.

This acquisition marks another game-changing move for Beauty Farm in reshaping the industry landscape following its 2024 acquisition of Naturade, China’s second-largest beauty brand by market share. Upon completion of this transaction, the Group will rapidly expand its store network, bringing the total number of stores to more than 734, and grow its direct store membership base beyond 200,000. The Siyanli acquisition will inject powerful growth momentum into the Company’s comprehensive “dual beauty + dual wellness” model, driving a major leap forward in Beauty Farm’s industry leadership and market influence.

Powerful Alliance Cements Market Leadership

Leveraging cutting-edge technology to empower results-driven skincare, Siyanli has meticulously developed its premium salon skincare brand, focusing on delivering exclusive skincare and beauty experiences for women in top-tier cities. As of June 30, 2025, Siyanli operated 163 premium beauty service stores and 19 aesthetic medical clinics across 48 major cities in China, with more than 90% of its revenue from 20 tier-one cities and new tier-one cities, creating a well-rounded premium service network.

According to Frost & Sullivan, based on 2024 revenue, the Group’s Beauty Farm and Naturade brands, together with its newly-acquired Siyanli brand, occupy the top three positions in China’s beauty industry. Following this acquisition, the synergy of these three leading brands is poised to drastically elevate the Group’s industry standing and market share.

From a core customer perspective, Siyanli targets urban women who pursue a high-quality lifestyle. Upon completion of this acquisition, approximately 60,000 active Siyanli members will be integrated into the Group’s membership system, driving a transformative increase of over 44% in the number of active members of the Group’s direct stores. This acquisition will expand traffic channels with high-quality clients for Beauty Farm’s “dual beauty + dual wellness” business model, laying a stronger foundation for the Company’s cornerstone business.

In terms of business expansion, the Group’s and Siyanli’s urban store networks are highly complementary. This existing alignment will accelerate the deep integration and efficient allocation of medical resources within each region, comprehensively enhancing the Group’s aesthetic medical service and subhealth medical service capabilities and further elevating the scale and quality of the Group’s value-added services.

This powerful alliance fully unleashes a multiplier effect, effectively driving a transformative leap in the Group’s scale and setting new competitive benchmarks industry-wide.

Deepening Strategic Presence in Tier-One Cities to Fortify Brand Moat

The beauty and wellness industry in China is currently undergoing accelerated consolidation. Industry leaders, leveraging their sophisticated experience in mergers and acquisitions, their well-established business models, and the advantages of being publicly listed, are spearheading this consolidation process and continuously expanding their market share. According to Frost & Sullivan, China’s beauty services market reached RMB485 billion in revenue in 2024. Among these, 20 tier-1 and new tier-1 cities form the core hubs of wealth and consumption power, contributing nearly 40% of the national beauty service market share in 2024. These cities comprise the Group’s strategic core region for expansion, which is reflected in revenue data: they contribute more than 90% of the revenue for both the Group and Siyanli, closely aligning with the Group’s strategic footprint.

China’s four tier-one cities – Beijing, Shanghai, Guangzhou, and Shenzhen – account for nearly 20% of the national beauty service market share in 2024. Data from the first half of 2025 show that this region contributed over 60% of the revenue for both the Group and Siyanli. With the completion of this acquisition, the Group is well-positioned to comprehensively reshape the market landscape of beauty services in tier-one and new tier-one cities, driving a step-change in market share.

From a store network perspective, brands compete fiercely for prime business locations in key cities to bolster their offline presence. Siyanli has precisely targeted high-net-worth female customers, building a premium store network centered around key commercial districts. According to Winshang.com data, among the 456 high-end commercial properties across China’s 20 tier-one and new tier-one cities, the Group and Siyanli have an established presence in 191 locations, covering a substantial 42% footprint that is approaching one-half of these key properties.

Upon completion of this acquisition, the Group’s store coverage in prime commercial projects across China’s key cities will expand significantly. By maximizing the multi-brand synergies across its brick-and-mortar network, the Group will further expand its presence in prime commercial properties across tier-one and new tier-one cities going forward, continuously strengthening its competitive edge in the premium beauty service industry.

Firmly Committed to Driving Growth Through an Internal and External Expansion Strategy to Shape the Future of the Beauty and Wellness Industry

With 32 years of expertise in the beauty and wellness industry, the Group has consistently pursued a dual-engine strategy of “organic growth + external acquisitions.” Since 2014, it has successfully completed over 30 successful mergers and acquisitions, refining a replicable, market-validated consolidation model. In 2024, the Group strategically acquired Naturade, China’s second-largest beauty brand by market share. In the first half of 2025, Naturade’s adjusted net profit margin rose to 10.4% from 6.5% in 2023. This stellar result highlights the effectiveness of the Group’s deep operational empowerment.

As a frontrunner in China’s premium beauty service industry, Siyanli boasts a solid and proven profitability profile. In 2024, Siyanli achieved RMB850 million in revenue and RMB81 million in net profit. It is expected to provide a direct boost to the Group’s revenue and profit scale while delivering powerful incremental growth.

Even more promising, Beauty Farm will drive Siyanli toward a dual breakthrough in revenue growth and efficiency improvement. Leveraging the lessons learned from its successful integration of Naturade, the Group will focus on two strategic pillars in the Siyanli integration. First, the Group will systematically extend its proven capabilities in aesthetic medical services and subhealth medical services to Siyanli customers, addressing their full-lifecycle beauty and wellness needs. Second, the Group will leverage refined customer operations, AI-driven digital and intelligent transformation, and supply chain integration to optimize Siyanli’s operational efficiency and drive profitability growth.

This powerful alliance will maximize synergies, propelling the public company’s revenue and profitability to new heights. This will drive greater long-term returns for shareholders and open up vast new upside potential for Beauty Farm in the capital markets.

As emotional spending and self-rewarding consumption continue to gain momentum, the beauty and wellness industry has emerged as a trillion-yuan “golden sector.” Meanwhile, the industry’s highly fragmented landscape is offering top players with proven growth potential unique opportunities for rapid expansion.

This landmark acquisition marks a milestone breakthrough in Beauty Farm’s growth journey. Within just two years, the Group has brought Naturade and Siyanli, the second- and third-largest players in the market, under its umbrella. The Siyanli acquisition not only sets a record for 2025’s largest acquisition in China’s beauty service industry, it also forges a “tri-power alliance” that signals the beginning of a new era for the industry. The acquisition empowers the Group’s “dual beauty + dual wellness” model with a broader membership base, a denser network of premium commercial locations, and enhanced medical service prowess, fueling a transformative leap from quantitative growth to qualitative improvement. Furthermore, this “tri-power alliance” is just the beginning of Beauty Farm’s consolidation journey. As a market leader, Beauty Farm will continue to spearhead industry consolidation, unlocking expansive growth potential and guiding the beauty and wellness industry toward a new era of high-quality development.

About Beauty Farm

Beauty Farm Medical and Health Industry Inc. is a leading beauty and health management platform in China. Over the past 32 years, Beauty Farm has developed a unique “dual beauty + dual wellness” business model, covering customers’ comprehensive beauty and health needs for their entire life cycle. We offer a diversified service matrix, including beauty and wellness brands Beauty Farm, Naturade, Palaispa and Siyanli, aesthetic medical brand CellCare, and subhealth medical services brand Neology. Our nationwide store network reaches over 100 cities with over 730 stores and serves millions of mid-to-high-end customers in top-tier cities in China.

For more information, please visit https://ir.beautyfarm.com.cn/.

For investor and media inquiries, please contact:

Beauty Farm Medical and Health Industry Inc.
Vivian Lu
Tel: +86 (21) 6095-3299
Email: ir@beautyfarm.com.cn

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
Email: beautyfarm@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: beautyfarm@tpg-ir.com

A new app just launched and it fixes the one thing you’ve been ignoring: insurance

SINGAPORE, Oct. 15, 2025 /PRNewswire/ — Insurance is one of those things you know you have somewhere.
Maybe through your job. Maybe as a perk on your credit card. Maybe something you bought from an agent.

But when something actually happens, finding what’s covered feels impossible. Policies live in emails, PDFs, or portals you have never logged into.

That’s the exact problem forgettable, a newly launched AI-powered app, is solving.

forgettable brings all your scattered, jargon-filled policies into one clean dashboard and explains them in clear, everyday language. No more searching through PDFs or decoding fine print, just what is covered and what is not.

Built for people who expect clarity from their apps, forgettable feels more than an insurance portal. It starts by showing users what they already have before suggesting what they might need.

The app also answers practical questions like “Does this apply abroad?” or “What happens if I break my leg?”, turning complicated clauses into simple, useful answers when it matters most.

forgettable’s next wave of features will help users stay one step ahead, sharing essential policy details with emergency contacts, spotting coverage gaps or overlaps across multiple policies, and even showing what they’d actually have to pay in different scenarios.

Soon, users will also be able to explore and purchase protection options directly through the app, guided by what their current coverage is missing. It’s not about selling more insurance – it’s about helping people make smarter, proactive decisions before something happens, not after.

“We see forgettable as part of a bigger shift from reactive safety nets to proactive protection” said Gideon Hurwitz, co-founder and CEO of forgettable.

Now available on iOS and Android, forgettable is backed by Antler and shaped by feedback from hundreds of early users.

For its founders, this launch is more than a product release, it’s a step toward changing how a generation interacts with risk and protection.

About forgettable

forgettable is an AI-powered protection platform built for the digital generation. It helps users understand, manage, and make use of the insurance they already have, while uncovering deeper insights into their gaps and needs.

By combining document parsing and plain-language explanations, forgettable gives users a clear view of their protection in one place. Its mission is to change how this generation interacts with risk and protection.

Media contact

hello@forgettable.ai

www.forgettable.ai

https://www.forgettable.ai/mediakit

https://apps.apple.com/us/app/forgettable/id6737544097

Nona Biosciences Appoints Dr. Di Hong as Chief Executive Officer to Drive Technology Innovation and Strategic Growth

CAMBRIDGE, Mass., Oct. 15, 2025 /PRNewswire/ — Nona Biosciences (“Nona” or the “Company”), a global biotechnology company providing integrated solutions from “Idea to IND” (I to ITM), today announced the appointment of Dr. Di Hong as Chief Executive Officer (CEO). Dr. Hong will be based in Shanghai and report directly to Dr. Jingsong Wang, Chairman of Nona Biosciences.

This milestone reflects a pivotal step in Nona’s journey to accelerate innovation in antibody discovery and development. Leveraging its proprietary industry-leading Harbour Mice® technology platform, Nona has expanded its capabilities into HCAb PLUSTM, the 2.0 version of Harbour Mice®. This next-generation platform integrates cutting-edge technologies — including bispecific and multispecific antibodies, antibody-drug conjugates (ADCs), cell therapies, RNA-enabled therapeutics, and artificial intelligence (AI) — to reshape the drug discovery paradigm and foster a global collaborative ecosystem.

In this role, Dr. Hong will lead Nona’s next stage of growth by strengthening its highly efficient service system, advancing technology innovation, integrating AI and external investment, and further evolving the business model into a “Service Plus” ecosystem-powered platform. This direction is designed to enhance strategic agility and position the Company for long-term leadership in the global biopharmaceutical industry.

Dr. Hong brings over 20 years of leadership experience spanning science, operations, and strategy. Most recently, as CEO of Gaoyue Group (the life science infrastructure platform of Hillhouse), he built a national life science network and established a “Lab-to-Market” ecosystem. He has also held senior roles at Hua Medicine, Bioduro-Sundia, Amgen, Eli Lilly, and Roche in China, blending global and local expertise across biopharma, CRO, and investment.

Dr. Jingsong Wang, Chairman of Nona Biosciences, commented: “We are very pleased to welcome Dr. Di Hong to Nona Biosciences as the new CEO. Dr. Hong’s broad leadership experience across biopharma, CRO, and investment, along with his track record in building innovative ecosystems, make him exceptionally well-suited to lead Nona into its next phase of growth. I am confident that under his leadership, Nona team will further strengthen our technology platforms, expand global partnerships, and advance our vision of becoming a long-term leader in biologics innovation.”

Dr. Di Hong, Chief Executive Officer of Nona Biosciences, added: “I am extremely honored to join Nona Biosciences, a leading innovative biotech company. Leveraging its world-class scientific team and leading innovation platform, Nona Biosciences has established a comprehensive biopharmaceutical innovation system from ‘Idea to IND’ (‘I to ITM‘), ranging from target validation and antibody discovery through preclinical research, and has achieved significant breakthroughs with global impact. I look forward to leading Nona Biosciences’ entrepreneurial team to explore more cutting-edge technology platforms, expand broader global cooperation, and build a more open innovation ecosystem. Nona Biosciences will act as a leader of biopharmaceutical innovation and continuously bring more valuable products and services to patients and clients.”

Dr. Hong holds a Doctor of Business Administration from Université Nice Sophia Antipolis, as well as Master’s and Bachelor’s degrees in Chemistry from Zhejiang University.

About Nona Biosciences

Nona Biosciences is a global biotechnology company committed to cutting-edge technology innovations and providing integrated solutions from “Idea to IND” (“I to ITM“), ranging from target validation and antibody discovery through preclinical research. Nona’s integrated antibody and antibody-related discovery services cover a broad range of modalities, from antigen preparation, animal immunization, single B cell screening, to antibody lead generation and engineering, developability assessment and pharmacological evaluation, leveraging advantages of Harbour Mice® platforms and the experienced therapeutic antibody discovery teams.

Harbour Mice® generates fully human monoclonal antibodies in classical two light and two heavy chain (H2L2) format, and heavy chain-only (HCAb) format. The HCAb Harbour Mice® is the world’s first fully human HCAb transgenic mouse with clinical validation. This unique platform offers exceptional versatility for diverse applications using fully human VH single-domain antibodies as a plug-and-play system, including bispecific antibodies, multi-specific antibodies, CAR-T therapies, antibody-drug conjugates (ADCs), mRNA-based therapeutics, and more.

By integrating Harbour Mice®, single-B cell screening technology, NonaCarFxTM (a direct CAR-function-based screening platform), Hu-mAtrIxTM (an AI-driven drug discovery platform), Modalities-on-DemandTM (a next-generation modalities solution), and end-to-end preclinical drug development services, Nona Biosciences is dedicated to driving the global invention of transformative next-generation drugs. For more information, please visit: www.nonabio.com.

Suunto launches Vertical 2: the new generation of Suunto’s ultimate adventure companion

SYDNEY, Oct. 15, 2025 /PRNewswire/ — Suunto launches the Vertical 2, an advanced adventure watch designed for the most demanding expeditions and the everyday journeys in between. The new model features a redesigned optical heart rate sensor, a larger and brighter AMOLED display, and a built-in LED flashlight for safety and convenience – while retaining the exceptional battery life, advanced navigation tools, and rugged design the Vertical series is trusted for.

Suunto Vertical 2 is your high-performance companion.
Suunto Vertical 2 is your high-performance companion.

The exceptional battery life

The Suunto Vertical 2 is the new generation of Suunto’s ultimate outdoor technology, offering endurance and performance in one. The completely redesigned optical heart rate sensor enables more accurate wrist-based measurements, supporting training, recovery, and health tracking in all conditions. The industry-leading battery life of the Vertical 2 delivers up to 65 hours of GPS tracking in its most accurate dual-band mode and up to 20 days of smartwatch use.

Navigation designed for the outdoors

Vertical 2 keeps adventures on track with free detailed offline maps, available on the watch and in the Suunto app, including contour lines, paths, and terrain features for precise route planning and guidance. In addition, Suunto’s Climb Guidance feature helps users prepare for and navigate hilly or mountainous terrain by providing real-time elevation profiles, color-coded route sections, and advance notifications of climbs and descents.

Bright display and rugged design

The new 1.5″ AMOLED display with 466×466 resolution delivers exceptional visibility in direct sunlight, ensuring maps and metrics remain clear in any environment. A practical addition for outdoor use, the integrated LED flashlight in the bezel offers adjustable brightness, a red-light mode for night vision, and safety functions such as SOS and pulse modes, providing light when it is needed most. Vertical 2 is there to empower a new generation of adventurers to push boundaries, from the highest peaks to the daily journeys in between.

Availability:

The Suunto Vertical 2 will be available from October 15th at suunto.com, the Suunto Amazon store, and select retail partners, priced at AU $1,099 / NZ $1,279 for the stainless-steel and AU $1,199 / NZ $1,399 for the titanium version.

About Suunto

Pioneering exploration has been in our DNA since 1936, when Finnish orienteer Tuomas Vohlonen developed a more accurate compass. Today, Suunto is at the forefront of design and innovation for sports watches, dive computers, compasses, and digital services used by adventurers all over the globe.

RepRisk’s AI-powered data drives transparency across JPX-Nikkei Indices

Trusted for its relevant coverage and unparalleled accuracy, RepRisk’s AI-powered data, guided by human expertise, is now integrated across the JPX-Nikkei 400 and the JPX-Nikkei Mid and Small Cap indices.

ZURICH, Oct. 15, 2025 /PRNewswire/ — Today, RepRisk, the world’s most respected DaaS company for reputational risks and responsible business conduct, announced that its data is now used for the periodic review of eligible constituents of the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index. Powered by two decades of human-labeled data and a consistent, rules-based methodology, RepRisk uniquely combines advanced AI with deep human expertise to empower the global investment and index community with trusted risk insights.

 

RepRisk’s AI-powered data drives transparency across JPX-Nikkei Indices.
RepRisk’s AI-powered data drives transparency across JPX-Nikkei Indices.

 

Launched in 2014 and 2017 respectively, the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index are stock indices calculated by JPX Market Innovation & Research, Inc. and Nikkei Inc. By using the RepRisk Index (RRI) for the periodic review of their eligible constituents, the index providers aim to strengthen their concept, “the new stock index composed of ‘companies with high appeal for investors’, which meet the requirements of global investment standards, such as efficient use of capital and investor-focused management perspectives”.1

“We are proud to enable JPX’s initiative to promote responsible business conduct and risk transparency by providing our RepRisk Index as an accurate and objective indicator”, commented Philipp Aeby, CEO and Co-founder at RepRisk

“In recent years, corporate social responsibility has become an increasingly important issue, leading to an elevated risk of damage to corporate value as a result of potential reputation decline. By introducing RepRisk’s RRI, we aim to further improve the concepts of stock indices such as the JPX-Nikkei Index 400”, commented Daisuke Tanaka, Director of the Index Business Department at JPX Market Innovation & Research.

According to their guidebooks, both indices will exclude from the pool of eligible constituents any company with an RRI of 75 or higher within one year before the base date during the periodic review, indicating an extremely high risk.2 The RRI dynamically captures and quantifies a company’s or project’s reputational risk exposure to reputational risk issues, enabling comparison with peer companies and tracking risk trends over time. Reflecting RepRisk’s independent and impartial outside-in perspective, the RRI measures a company’s actual risk management performance rather than its stated goals and policies.

RepRisk takes an objective, rules-based ‘outside-in’ approach – to business conduct and reputational risk – drawing only from public sources and stakeholders, and never from company self-disclosures. Its data is already integrated into leading benchmarks, including the Dow Jones Sustainability Index, the FTSE4Good Index Series, and the J.P. Morgan ESG (JESG) Suite of indices.  

Notes to Editor

1 Source: Index Consultation on Revisions of Guidebooks for the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index, page 1.
2 This rule will be applied for the first time in 2025. The list of additions and removals will be published on the fifth business day of each August, and the index will be recalculated using the updated constituents starting from the final business day of that August, following the periodic review. For more information, refer to JPX’s guidebooks on the calculation methodologies for the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index.

About RepRisk

RepRisk is the world’s most respected Data as a Service (DaaS) company for reputational risks and responsible business conduct. Since 2007, RepRisk’s data has been trusted by the world’s leading banks, investment managers, Fortune 500 companies, sovereign wealth funds, and organizations such as the OECD and UN. Combining advanced AI with deep human expertise, and a proven methodology at the core, RepRisk’s solutions bring peace of mind, enabling clients to ‘know more, be sure, and act faster’. Our pioneering solutions help to strengthen due diligence processes across business conduct topics, such as biodiversity, deforestation, human rights, and corruption, empowering clients to identify, monitor, and mitigate reputational, compliance, and financial risks. Headquartered in Zurich, and with offices in Toronto, New York, London, Berlin, Manila, and Tokyo, we stay close to clients and bring an independent lens to the industry. United by our shared belief in the power of data, our 400 people are proud to be setting the global standard for business conduct data and driving positive change through transparency. Visit us at reprisk.com and follow us on LinkedIn.

Contact

Mathias Fürer
+41 41 552 30 01
media@reprisk.com

Photo – https://laotiantimes.com/wp-content/uploads/2025/10/reprisk.jpg
Logo – https://laotiantimes.com/wp-content/uploads/2025/10/reprisk_logo.jpg

 

 

MOVUS to Launch PlantOS™ at IMARC 2025 — Prescriptive AI – assisted Decision system for Mining Plant operations

SYDNEY, Oct. 15, 2025 /PRNewswire/ — MOVUS (now part of Infinite Uptime Inc.), a global leader in industrial asset intelligence, is launching PlantOSat the International Mining and Resources Conference (IMARC) 2025, taking place at ICC Sydney from October 21–23. PlantOS™, the world’s most user-validated Prescriptive AI Platform, empowers metals mining companies to deliver efficient reliable production outcomes. 

IMARC, recognised globally as a premier forum for the mining and resources sector, brings together industry leaders, governments, and innovators to explore partnerships, share insights, and drive the future of mining. IMARC will also host ministers and senior officials from over five continents, reinforcing its stature as a global forum for policy and industry collaboration.

The Ultra vSense piezoelectric sensor has been selected as a finalist for the prestigious IMARC 2025 Mining Beacon Breakthrough Innovation Award. This nomination recognises the piezoelectric sensor (powering Movus’ PlantOS) as a truly transformative technology for the resources sector and becoming the world’s first piezoelectric sensor to integrate vibration, temperature, and RPM measurement in a single, rugged device specifically engineered for mining environments.

At IMARC 2025, Malcolm Schulstad, COO of MOVUS, will join a joint session titled “How Collaboration, Technology and Innovation are Accelerating Decarbonisation and Productivity,” highlighting how modernisation driven by shared strategy and integrated technology is enhancing efficiency, productivity, and sustainability across metals and mining operations in Australia and New Zealand.

With the global mining industry under mounting pressure to improve productivity, control costs, and meet sustainability targets, MOVUS will demonstrate how PlantOS™ enables mining operators to transition from predictive to prescriptive maintenance, where assets not only identify potential issues but also prescribe actionable solutions to enhance uptime and operational efficiency.

Built on years of user validation, PlantOS™ connects seamlessly with critical mining equipment such as excavators, crushers, mills, conveyors, and draglines to deliver a real-time, 360° view of equipment health. Its intelligent insights help operators minimize unplanned downtime, extend equipment life, and optimize process s energy optimization across large-scale mining operations.

IMARC 2025 is the perfect platform for metals & mining leaders to explore and embrace prescriptive AI-assisted decision making in plant operations,” said Karthikeyan Natarajan, CEO of Infinite Uptime. “Through MOVUS and prescriptive AI platform PlantOS™, we’re helping the industry embrace the next phase of prescriptive maintenance, where AI not only predicts failures but prescribes precise actions that improve reliability, efficiency, and sustainability.

Delegates attending IMARC 2025 are invited to visit Booths M37 s M38 to experience live demonstrations of PlantOS™ and learn how MOVUS is helping mining companies around the world future-proof their operations.

About MOVUS:

MOVUS (now part of Infinite Uptime Inc.) is an innovative Australian Tech company, extends the life of industrial assets, reduces unplanned downtime, and supports more sustainable operations through smart, scalable monitoring solutions. MOVUS combines AI- powered insights, continuous diagnostics, and hands-on support to help industries move from predictive to prescriptive maintenance. Powered by PlantOS™, the world’s most user-validated Prescriptive AI platform, MOVUS enables mining, manufacturing, food processing, and utilities to achieve more efficient and sustainable operations without the complexity to achieve more efficient and sustainable operations without complexity.

www.infinite-uptime.com

Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2025

BEIJING, Oct. 15, 2025 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2025.

Fiscal Year Ended June 30, 2025 Financial Highlights:

  • Total revenue decrease by approximately RMB2.5 million ($0.4 million) or3.7% to RMB66.3 million ($9.3 million) for the year ended June 30, 2025 from RMB68.8 million ($9.6 million) for the same period in 2024.
  • Gross profit decreased to RMB15.2 million ($2.1 million) for the year ended June 30, 2025, from RMB20.9 million ($2.9 million) for the same period in 2024.
  • Gross margin decreased to 23.0% for the year ended June 30, 2025 from 30.3% for the same period in 2024.
  • Net loss was RMB44.2 million ($6.2 million) for the year ended June 30, 2025, a decrease of RMB7.2 million ($1.0 million) from net loss of RMB51.4 million ($7.2 million) for the same period of 2024.

For the Years Ended

June 30,

2025

2024

Increase /(Decrease)

Percentage
Change

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

Revenue

RMB

66.3

RMB

68.8

RMB

(2.5)

(3.7)

%

Gross profit

15.2

20.9

(5.7)

(27.0)

%

Gross margin

23.0

%

30.3

%

(24.2)

%

Net loss

(43.7)

(51.4)

(7.7)

(15.0)

%

Net loss per share – Basic and diluted

(4.68)

(9.88)

5.2

(52.6)

%

Management Commentary

Mr. Shenping Yin, Founder and CEO of Recon said, “During the 2025 financial year, our primary clients, domestic oil companies, have experienced declining performance due to the impact of oil price fluctuations. Consequently, they have adopted more cautious and cost-conscious approaches to capital expenditures and expense management. This has had a negative impact on our profitability. Fortunately, we have secured several new clients outside of the oilfield industry and expanded our order book with offshore oilfield customers. These developments have stabilized our business operations. During the 2025 financial year, we also successfully expanded our overseas oilfield client base, which will significantly contribute to our business in the new financial year.

At the same time, we are pressing ahead with construction of our Chemical Circular Factory. For the 2025 fiscal year, we have completed all pre-approval procedures required by local authorities, obtained the construction project planning permit, and officially started the construction work on April 28, 2025. It is anticipated that the project will be fully completed by the end of 2025. We believe that the plastic chemical recycling business will enhance the company’s operations significantly in the 2026 financial year.”

Fiscal Year Ended 2025 Financial Results:

Revenue

Total revenues for the year ended June 30, 2025 were approximately RMB66.3 million ($9.3 million), a decrease of approximately RMB2.5 million ($0.4 million) or3.7% from RMB68.8 million ($9.6 million) for the same period in 2024.

  • Revenue from automation product and software increased by RMB7.3 million ($1.0 million) or 27.1%. The increase in revenue was primarily driven by the company’s enhanced sales activities and successful expansion into markets beyond oilfields, partially offset by declining sales to certain oilfield clients.
  • Revenue from equipment and accessories decreased by RMB2.0 million ($0.3 million) or 10.0%. The main reason for the decline in revenue is that oilfield customers, in order to safeguard their earnings, have strictly controlled their extraction budgets and implemented low-cost operational strategies.
  • Revenue from oilfield environmental protection decreased by RMB7.3 million ($1.0 million) or 41.4% primarily due to the expiration of Gansu BHD’s hazardous waste operation permit. As a result, no revenue was recorded. The company is currently engaged in the active application process for the renewal of relevant qualifications. Besides, some customers request and we agreed to a lower price for a portion of our wastewater business in order to establish a long-term relationship, resulting in a decrease in revenue from that portion of the business.
  • Revenue from platform outsourcing services decreased by RMB0.5 million ($0.1 million) or 13.0%. The decrease in revenue was primarily driven by a RMB0.8 million drop caused by reduced demand from former gas-station customers upgrading their in-house online systems and by lower cooperation with third-party partners. This decrease was partly offset by a RMB1.30 million increase driven by higher transaction volumes from diesel users and improved settlement rates with freight-exchange-platform customers.
  • As of June 30, 2025, he factory for the chemical recycling is still under construction and has not started production and sales yet.

Cost of revenue

Cost of revenues decreased from RMB48.0 million for the year ended June 30, 2024 to RMB51.0 million ($7.1 million) for the same period in 2025.

For the years ended June 30, 2024 and 2025, cost of revenue from automation product and software was approximately RMB23.9 million ($3.3 million) and RMB28.6 million ($4.0 million), respectively, representing increase of approximately RMB4.7 million ($0.7 million) or 20.0%. The increase in cost of revenue from automation product and software was primarily attributable to increased revenue of automation products and software.

For the years ended June 30, 2024 and 2025, cost of revenue from equipment and accessories was approximately RMB14.1 million ($2.0 million) and RMB13.2 million ($1.8 million), respectively, representing a decrease of approximately RMB0.9 million ($0.1 million) or 6.2%. The decrease in costs of revenue was primarily driven by reduced business activity, mirroring the same factor behind the drop in revenue.

For the years ended June 30, 2024 and 2025, cost of revenue from oilfield environmental protection was approximately RMB9.2 million ($1.3 million) and RMB8.5 million ($1.2 million), respectively, representing a decrease of approximately RMB0.7 million ($0.1 million) or 7.5%. The decrease in the cost of revenue from oilfield environmental protection was in line with decrease in revenue.

For the years ended June 30, 2024 and 2025, cost of revenue from platform outsourcing services remained stable at RMB0.6 million ($0.09 million).

For the years ended June 30, 2024 and 2025, cost of revenue from chemical recycling was RMB0.1 million ($0.01 million) and nil, which was business and sales related tax. As of June 30, 2025, the factory for the chemical recycling is still under construction and has not started production and sales yet.

Gross profit

Gross profit increased to RMB15.2 million ($2.1 million) for the year ended June 30, 2025 from RMB20.9 million ($2.9 million) for the same period in 2024. Our gross profit as a percentage of revenue decreased to 23.0% for the year ended June 30, 2025 from 30.3% for the same period in 2024.

  • For the years ended June 30, 2024 and 2025, our gross profit from automation product and software was approximately RMB3.0 million ($0.4 million) and RMB 5.5 million ($0.8 million), respectively, representing an increase in gross profit of approximately RMB2.5 million ($0.4 million) or 84.9%. The increase in gross margin was primarily due to the elevated proportion of high-margin service businesses.
  • For the years ended June 30, 2024 and 2025, gross profit from equipment and accessories was approximately RMB6.4 million ($0.9 million) and RMB5.2 million ($0.7 million), respectively, representing a slight decrease of approximately RMB1.2 million ($0.2 million) or 18.5%. The decline in gross margin was primarily driven by the oilfield customers’ shift to a low-cost operating model and tighter budget controls, compounded by an unexpected rise in after-sales expenses.
  • For the years ended June 30, 2024 and 2025, gross profit from oilfield environmental protection was approximately RMB8.3 million ($1.2 million) and RMB1.7 million ($0.2 million), respectively, representing a decrease of RMB6.6 million ($0.9 million) or 79.1%. The main reason for the decrease in gross margin is that one of our customers reduced the settlement price.
  • For the years ended June 30, 2024 and 2025, gross profit from platform outsourcing services was approximately RMB3.3 million ($0.5 million) and RMB2.8 million ($0.4 million), respectively, representing a decrease of approximately RMB0.5 million ($0.1 million) or 15.7%.  The decrease in gross profit was consistent with the change in revenue.
  • For the years ended June 30, 2024 and 2025, gross profit losses from chemical recycling was RMB0.1 million ($0.01 million) and nil, respectively. As of June 30, 2025, the factory for the chemical recycling remains under construction and has not started production and sales yet.

Operating expenses

Selling expenses decreased by 9.9%, or RMB1.1 million ($0.1 million), from RMB10.4 million ($1.4 million) in the year ended June 30, 2024 to RMB9.3 million ($1.3 million) in the same period of 2025.

General and administrative expenses decreased by 22.1%, or RMB14.2 million ($2.0 million), from RMB63.8 million ($8.9 million) in the year ended June 30, 2024 to RMB49.6 million ($6.9 million) in the same period of 2025.

Net provision for credit losses of RMB4.1 million ($0.6 million) for the year ended June 30, 2024 as compared to net recovery of credit losses of RMB2.9 million ($0.4 million) for the same period in 2025.

Research and development expenses increased by 15.0%, or RMB2.1 million ($0.3 million) from RMB14.3 million ($2.0 million) for the year ended June 30, 2024 to RMB16.4 million ($2.3 million) for the same period of 2025.

Loss from operations

Loss from operations was RMB57.3 million ($8.0 million) for the year ended June 30, 2025, compared to a loss of RMB71.6 million ($10.0 million) for the same period of 2024. This RMB14.3 million ($2.0 million) decrease in loss from operations was primarily due to the decrease in operating expense as discussed above.

Change in fair value changes of warrant liability

The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Gain in change in fair value of warrant liability was RMB0.9 million ($0.1 million) and RMB0.01 million ($0.001 million) for the years ended June 30, 2024 and 2025, respectively. The primary reason for the decrease of loss in the fair value of the warrant liability was that on December 14, 2023, we redeemed an aggregate of 17,953,269 warrants (equivalent to 997,404 warrants post the 2024 Reverse Split) from the Sellers. Following this transaction, only 863,333 warrants remained outstanding (47,964 post-split), and the smaller outstanding balance directly lowered the magnitude of fair value changes.

Impairment loss on goodwill and intangible assets

The Company recognized the excess of purchase price over the fair value of assets acquired and liabilities assumed of the business acquired was recorded as goodwill and fair value of identified intangible assets, which is customer relationship as a result of the step acquisition of FGS. In conjunction with the preparation of our consolidated financial statement for years ended June 30, 2024 and 2025, the management performed evaluation on the impairment of goodwill and intangible assets and recorded an impairment loss on goodwill and intangible assets of nil and nil for the years ended June 30, 2024 and 2025, respectively. As of June 30, 2023, goodwill and intangible assets of FGS had fully accrued for impairment. The impairment was mainly due to the decision of the major customers to develop their own autonomous unified system and to significantly reduce the procurement of third-party services.

Interest income

Net interest income was RMB12.3 million ($1.7 million) for the year ended June 30, 2025, compared to net interest income of RMB21.8 million ($3.0 million) for the same period of 2024. The RMB9.5 million ($1.3 million) decrease in net interest income was primarily attributable to reduced third-party loan balances and lower allocations to short-term investments during the year ended June 30, 2025.

Other income (expenses), net.

Other net income was RMB1.3 million ($0.2 million) for the year ended June 30, 2025, compared to other net expenses of RMB0.7 million ($0.1 million) for the same period of 2024. The RMB2.0 million ($0.3 million) increase other net income was primarily due to a decrease in subsidy income of RMB0.2 million. The increase in other net income was attributable to a decrease in subsidy income and an asset write-off gain of approximately RMB0.1 million. Additionally, following the closure of the Qinghai office, RMB0.5 million in payables that could no longer be settled was recognized as income,  RMB0.2 million in receivables that could not be collected was written off as a loss and an increase in foreign exchange transaction income of RMB1.8 million due to the fluctuation of exchange rate of RMB against US dollars during the year ended June 30, 2025 compared to the same period of 2024.

Net loss

As a result of the factors described above, net loss was RMB43.7 million ($6.1 million) for the year ended June 30, 2025, a decrease of RMB7.7 million ($1.1 million) from net loss of RMB51.4 million ($7.2 million) for the same period of 2024.

Cash and short-term investment

As of June 30, 2025, we had cash in the amount of approximately RMB98.9 million ($13.8 million) and short-term investment in bank fixed income product of approximately RMB3.6 million ($0.5 million). As of June 30, 2024, we had cash in the amount of approximately RMB110.0 million ($15.4 million) and short-term investment in bank fixed income product of approximately RMB88.1million ($12.3 million).

About Recon Technology, Ltd (“RCON”)

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

Forward-Looking Statements

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

For more information, please contact:

The Company
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: liujia@recon.cn 

 

RECON TECHNOLOGY, LTD

CONSOLIDATED BALANCE SHEETS

As of June, 30

As of June, 30

As of June, 30

2024

2025

2025

RMB

RMB

US Dollars

ASSETS

Current assets

Cash

¥

109,991,674

¥

98,874,577

$

13,802,361

Restricted cash

848,936

8,204

1,147

Short-term investments

88,091,794

3,599,211

502,430

Notes receivable

1,341,820

Accounts receivable, net

38,631,762

35,852,484

5,004,814

Inventories, net

1,128,912

1,344,588

187,697

Other receivables, net

3,352,052

3,760,881

524,999

Other receivables- related parties

275,976

67,976

9,489

Loans to third parties-short term

208,928,370

141,564,073

19,761,583

Purchase advances, net

5,156,550

14,619,556

2,040,811

Contract costs, net

48,335,817

53,547,408

7,474,930

Prepaid expenses

401,586

389,216

54,330

Deferred offering cost

2,529,724

353,136

Total Current Assets

506,485,249

356,157,898

49,717,727

Property and equipment, net

22,137,940

19,986,635

2,790,027

Construction in progress

219,132

12,000,900

1,675,261

Loans to third parties-long term

118,500,000

16,541,962

Operating lease right-of-use assets, net (including RMB1,769,840 and RMB696,851($97,277) from a
    related party as of June 30, 2024 and June 30, 2025, respectively)

23,547,193

18,975,692

2,648,904

Total Assets

¥

552,389,514

¥

525,621,125

$

73,373,881

LIABILITIES AND EQUITY

Current liabilities

Short-term bank loans

¥

12,425,959

¥

11,582,336

$

1,616,832

Accounts payable

10,187,518

19,398,669

2,707,950

Other payables

2,769,685

6,154,889

859,189

Other payable- related parties

2,299,069

2,927,377

408,646

Contract liabilities

1,820,481

4,719,255

658,783

Accrued payroll and employees’ welfare

3,237,164

3,212,227

448,410

Taxes payable

993,365

795,629

111,066

Short-term borrowings – related parties

10,002,875

10,017,250

1,398,354

Operating lease liabilities – current (including RMB1,775,114 and RMB355,601 ($49,640) from related
    parties as of June 30, 2024 and June 30, 2025, respectively)

3,741,247

1,761,231

245,858

Total Current Liabilities

47,477,363

60,568,863

8,455,088

Operating lease liabilities – non-current (including RMB335,976 and nil from related parties as of June 30,
    2024 and June 30, 2025, respectively)

3,971,285

1,081,827

151,017

Long-term borrowings – related party

10,000,000

10,000,000

1,395,946

Warrant liability – non-current

6,969

688

96

Total Liabilities

61,455,617

71,651,378

10,002,147

Commitments and Contingencies

Shareholders’ Equity

Class A ordinary shares, $0.0001 U.S. dollar par value, 500,000,000 shares authorized; 7,987,959 shares
    and 10,627,426 shares issued and outstanding as of June 30, 2024 and June 30, 2025, respectively*

99,634

101,548

14,176

Class B ordinary shares, $0.0001 U.S. dollar par value, 80,000,000 shares authorized; 7,100,000 shares
    and 20,000,000 shares issued and outstanding as of June 30, 2024 and June 30, 2025, respectively*

4,693

14,038

1,960

Additional paid-in capital*

681,476,717

692,569,747

96,679,009

Statutory reserve

4,148,929

4,148,929

579,168

Accumulated deficit

(220,312,085)

(262,900,639)

(36,699,514)

Accumulated other comprehensive income

37,136,649

33,493,895

4,675,567

Total Recon Technology, Ltd’ equity

502,554,537

467,427,518

65,250,366

Non-controlling interests

(11,620,640)

(13,457,771)

(1,878,632)

Total shareholders’ equity

490,933,897

453,969,747

63,371,734

Total Liabilities and Shareholders’ Equity

¥

552,389,514

¥

525,621,125

$

73,373,881

*      Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024 and change in capital structure on March 29, 2024.

 

RECON TECHNOLOGY, LTD

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE  LOSS

For the years ended

June 30, 

2023

2024

2025

2025

RMB

RMB

RMB

US Dollars

Revenue

¥

67,114,378

¥

68,854,280

¥

66,285,032

$

9,253,034

Cost of revenue

48,247,395

47,976,836

51,044,495

7,125,537

Gross profit

18,866,983

20,877,444

15,240,537

2,127,497

Selling and distribution expenses

10,638,978

10,374,388

9,343,480

1,304,300

General and administrative expenses

76,784,396

63,765,583

49,645,680

6,930,270

Allowance for (net recovery of) credit losses

(9,038,985)

4,086,505

(2,856,803)

(398,794)

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

1,009,124

Research and development expenses

8,806,205

14,288,879

16,427,892

2,293,245

Operating expenses

88,199,718

92,515,355

72,560,249

10,129,021

Loss from operations

(69,332,735)

(71,637,911)

(57,319,712)

(8,001,524)

Other income (expenses)

Subsidy income

325,425

131,428

85,762

11,972

Interest income

13,603,487

22,897,763

13,390,041

1,869,178

Interest expense

(2,514,850)

(1,070,449)

(1,110,984)

(155,087)

Loss (gain) in fair value changes of warrants liability

6,116,000

(933,995)

6,226

869

Foreign exchange transaction gain (loss)

241,652

(881,695)

952,815

133,008

Impairment loss on goodwill and intangible assets

(9,980,002)

Other income

82,970

59,049

296,155

41,342

Other income, net

7,874,682

20,202,101

13,620,015

1,901,282

Loss before income tax

(61,458,053)

(51,435,810)

(43,699,697)

(6,100,242)

Income tax expenses

18,339

30

1,580

221

Net loss

(61,476,392)

(51,435,840)

(43,701,277)

(6,100,463)

Less: Net loss attributable to non-controlling interests

(2,309,091)

(1,564,581)

(1,112,723)

(155,330)

Net loss attributable to Recon Technology, Ltd

¥

(59,167,301)

¥

(49,871,259)

¥

(42,588,554)

$

(5,945,133)

Comprehensive loss

Net loss

(61,476,392)

(51,435,840)

(43,701,277)

(6,100,463)

Foreign currency translation adjustment

23,819,712

2,009,476

(3,642,754)

(508,509)

Comprehensive loss

(37,656,680)

(49,426,364)

(47,344,031)

(6,608,972)

Less: Comprehensive loss attributable to non- controlling interests

(2,309,091)

(1,564,581)

(1,112,723)

(155,330)

Comprehensive loss attributable to Recon Technology, Ltd

¥

(35,347,589)

¥

(47,861,783)

¥

(46,231,308)

$

(6,453,642)

Loss per share – basic and diluted*

¥

(27.43)

¥

(9.88)

¥

(4.68)

$

(0.65)

Weighted – average shares -basic and diluted*

2,157,158

5,048,952

9,094,902

9,094,902

*    Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024.

 

RECON TECHNOLOGY, LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended June 30,

2023

2024

2025

2025

RMB

RMB

RMB

US Dollars

Cash flows from operating activities:

Net loss

¥

(61,476,392)

¥

(51,435,840)

¥

(43,701,277)

$

(6,100,463)

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

Depreciation and amortization

3,683,586

2,844,025

3,147,936

439,435

Loss (gain) from disposal of property and equipment

(12,782)

35,325

12,410

1,732

(Gain) loss in fair value changes of warrants liability

(6,116,000)

933,995

(6,226)

(869)

Amortization of offering cost of warrants

1,483,306

Allowance for (net recovery of) credit losses

(9,038,985)

4,086,505

(2,856,803)

(398,794)

Allowance (reversal) for slow moving inventories

484,644

886,991

(1,251,279)

(174,672)

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

1,009,124

Impairment loss on goodwill and intangible assets

9,980,002

Amortization of right of use assets

3,252,066

1,636,215

4,571,501

638,157

Restricted shares issued for management and employees

26,191,707

22,427,682

10,279,881

1,435,016

Restricted shares issued for services

5,805,840

1,070,143

Accrued interest income from loans to third parties

(7,997,961)

(6,998,866)

(5,288,121)

(738,193)

Accrued interest income from short-term investment

(2,901,955)

(885,394)

(17,411)

(2,430)

Changes in operating assets and liabilities:

Notes receivable

7,085,917

2,400,570

1,341,820

187,311

Accounts receivable

(495,784)

(12,151,359)

1,686,887

235,480

Inventories

(2,373,013)

5,590,058

267,413

37,329

Other receivables

(1,307,694)

31,908

(531,445)

(74,184)

Other receivables-related parties

(64,122)

(275,976)

208,000

29,036

Purchase advances

(2,575,198)

(2,422,123)

(5,057,967)

(706,065)

Contract costs

(14,236,539)

(4,400,442)

(363,721)

(50,773)

Prepaid expense

70,164

(51,467)

12,370

1,727

Prepaid expense – related parties

275,000

Operating lease liabilities

(3,061,303)

(2,907,014)

(4,869,474)

(679,752)

Accounts payable

(1,710,898)

(604,203)

1,940,574

270,894

Other payables

2,270,104

(3,020,216)

3,399,579

474,563

Other payables-related parties

352,260

(293,326)

628,308

87,708

Contract liabilities

641,087

(927,884)

2,898,774

404,653

Accrued payroll and employees’ welfare

131,971

854,644

(24,937)

(3,481)

Taxes payable

(1,036,483)

(171,884)

(197,966)

(27,635)

Net cash used in operating activities

(51,688,331)

(43,747,933)

(33,771,174)

(4,714,270)

Cash flows from investing activities:

Purchases of property and equipment

(940,673)

(282,184)

(1,010,812)

(141,104)

Proceeds from disposal of property and equipment

31,950

20,000

2,000

279

Purchase of land use right

(15,000,251)

Repayments of loans to third parties

40,113,311

117,522,129

100,478,982

14,026,325

Payments made for loans to third parties

(103,146,761)

(196,437,504)

(140,490,800)

(19,611,759)

Payments and prepayments for construction in progress

(219,132)

(8,924,101)

(1,245,756)

Payments for short-term investments

(290,051,964)

(203,481,600)

(3,581,800)

(500,000)

Redemption of short-term investments

108,769,464

300,863,518

87,239,515

12,178,167

Net cash (used in) provided by investing activities

(245,224,673)

2,984,976

33,712,984

4,706,152

Cash flows from financing activities:

Proceeds from short-term bank loans

13,491,481

11,581,000

10,476,000

1,462,393

Repayments of short-term bank loans

(11,040,000)

(11,632,755)

(11,319,623)

(1,580,158)

Repayments of short-term borrowings

Proceeds from short-term borrowings-related parties

15,013,115

10,000,000

Repayments of short-term borrowings-related parties

(9,000,000)

(10,018,222)

Repayments of long-term borrowings-related party

(1,499,667)

Proceeds from warrants issued with ordinary shares

17,493,069

Proceeds from sale of ordinary shares, net of issuance costs

28,174,993

77,711,533

(2,529,724)

(353,136)

Proceeds from sale of prefunded warrants, net of issuance costs

3,750,282

Redemption of warrants

(32,617,499)

Capital contribution by controlling shareholders

100,000

13,959

Net cash (used in) provided by financing activities

56,383,273

45,024,057

(3,273,347)

(456,942)

Effect of exchange rate fluctuation on cash and restricted cash

27,688,659

1,722,165

(8,626,292)

(1,204,184)

Net increase (decrease) in cash and restricted cash

(212,841,072)

5,983,265

(11,957,829)

(1,669,245)

Cash and restricted cash at beginning of year

317,698,417

104,857,345

110,840,610

15,472,753

Cash and restricted cash at end of year

¥

104,857,345

¥

110,840,610

¥

98,882,781

$

13,803,508

Reconciliation of cash and restricted cash, beginning of year

Cash

¥

316,974,857

¥

104,125,800

¥

109,991,674

$

15,354,246

Restricted cash

723,560

731,545

848,936

118,507

Cash and restricted cash, beginning of year

¥

317,698,417

¥

104,857,345

¥

110,840,610

$

15,472,753

Reconciliation of cash and restricted cash, end of year

Cash

¥

104,125,800

¥

109,991,674

¥

98,874,577

$

13,802,361

Restricted cash

731,545

848,936

8,204

1,147

Cash and restricted cash, end of year

¥

104,857,345

¥

110,840,610

¥

98,882,781

$

13,803,508

Supplemental cash flow information

Cash paid during the year for interest

¥

1,200,699

¥

659,472

¥

1,070,781

$

149,475

Cash paid during the year for income tax

¥

18,339

¥

¥

1,609

$

225

Non-cash investing and financing activities

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

¥

75,182

¥

8,303,099

¥

$

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

¥

62,357

¥

61,301

¥

1,886,347

$

263,324

Inventories transferred to and used as fixed assets

¥

(65,456)

¥

¥

$

Payable for construction in progress

¥

¥

¥

7,270,577

$

1,014,933

Capital contribution receivable due from non-controlling Interest

¥

¥

¥

724,408

$

101,123