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Preserving fertility and optimising care for the one in seven women suffering from endometriosis

SINGAPORE, May 1, 2025 /PRNewswire/ — Fertility specialists in the Asia Pacific region are bringing to fruition new standards of care for women and girls suffering from endometriosis and to help preserve the fertility of those with the debilitating condition.

They have finalised a rigorous consensus process to create a defined and auditable standard for networks of expertise for endometriosis treatment for the one in seven females of reproductive age living with the chronic pelvic pain and fertility risk from the disease.

It sets a gold standard of patient-centred care for sufferers of endometriosis and a similar condition called adenomyosis while considering the diversity of countries, economies, cultures and societies in the APAC region.

The experiences and views of patients living with endometriosis and adenomyosis have been incorporated in developing the consensus structure.

Endometriosis occurs when tissue similar to the inner lining of the uterus grows outside the uterus. It often affects the ovaries, fallopian tubes and the tissue lining the pelvis. Currently, there is no absolute preventive strategy or cure for the condition, but treatment options can help manage its chronic impacts.

The new approaches to endometriosis treatment will be outlined this week at the 2025 Congress of the Asia Pacific Initiative on Reproduction (ASPIRE) in Singapore.

The Congress from today (1 May) to Sunday has brought together over 2,000 scientists, clinicians, nurses and counsellors for a program that will help shape the future of fertility health care in the region and around the world.

New Zealand fertility specialist Professor Neil Johnson, an ASPIRE Board member and Past President of the World Endometriosis Society, has led the endometriosis consensus program with international specialists in the field.

“The topics covered and the way that they have been addressed set new world standards in care, and our hope is that they will influence policy makers and those responsible for health funding decisions,” Professor Johnson explained. 

“My aspiration for the networks of expertise consensus is that it presents what our APAC experts believe to be the optimal model of how complex multidisciplinary care in endometriosis should be best structured. 

“Currently, there is a wide variation in the quality of multidisciplinary care for endometriosis. In many settings, care is provided without the key structures and enmeshment that is crucial for coordinated patient care. 

“This consensus has the potential to become an accreditation gold standard.  It may then be possible to assess the calibre of endometriosis care services across APAC to determine whether they meet the ASPIRE standard to be defined as a network of expertise.

“The consensus on fertility preservation in endometriosis is an issue that has come into sharp focus. In the past, repeated ovarian surgery for endometriosis sufferers has meant that some patients have ended up with extremely low ovarian reserve, which refers to the quantity of eggs remaining in the ovaries with egg quality often negatively affected by endometriosis.

“In some cases, ovarian reserve has become so low that it is very difficult for these patients to achieve a pregnancy either through natural conception or medically assisted reproduction. This is a tragic outcome for young women.

“Our consensus emphasises the need for awareness that endometriosis itself can compromise ovarian reserve along with the impact of ovarian surgery. 

“It highlights the importance of blood testing for anti-mullerian hormone (AMH) levels and ovarian ultrasound for antral follicle count to accurately measure a patient’s ovarian reserve.

“Timing of pregnancy is another important consideration. While it is a personal choice, the ability to conceive may be affected by a decision to delay attempts to become pregnant.

“Of prime importance is the provision of information on fertility preservation to endometriosis sufferers no later than in their twenties. This is vital for patients with severe (stage IV) endometriosis or those facing ovarian surgery. 

“Fertility preservation is typically through egg freezing, although embryo freezing might be preferred by some couples in committed relationships.

“Ovarian tissue freezing may be considered in exceptional cases for endometriosis. Typically, this is an option for cancer patients facing potentially sterilising chemotherapy in the oncology setting. However, more research is needed to explore the role of ovarian tissue freezing for those with endometriosis.   

“Finally, our consensus teams highlight the importance of integrating psychological support and overall fertility counselling as a critical aspect of care.

The ASPIRE 2025 Congress is being held at the Suntec Convention and Exhibition Centre in Singapore. For further information, go to www.ASPIRE2025.com

INTERVIEW: Professor Neil Johnson is available for interview.
To arrange, please contact Trevor Gill, ASPIRE Congress Media Relations
Telephone +61 418 821948 or email lighthousepr@adelaide.on.net 

Rediscovering Quality Home Life Through Nature-Inspired Design at 137th Canton Fair

GUANGZHOU, China, May 1, 2025 /PRNewswire/ — In the fast-paced rhythm of modern urban life, a home has evolved beyond being merely a place to rest, it has become a sanctuary for emotional recharge. While smart technologies continue to redefine convenience and efficiency in household living, another facet of quality home life is quietly gaining momentum: the emotional resonance of nature and simplicity. This alternative vision comes to life at Phase 2 of the 137th China Import and Export Fair (Canton Fair), offering a refreshing interpretation of lifestyle aesthetics grounded in nature.

The Warmth of Wood: Where History Meets the Modern Home

The booth of Shanghai Dandou Home Furnishing Co., Ltd. exudes the rich texture and warmth of aged timber. Specializing in home furniture and decoration, Dandou embraces a philosophy of revitalizing recycled wood, utilizing wood salvaged from historic European and Chinese structures to produce handcrafted and vintage-style furniture.

“The texture on the furniture exhibited here isn’t artificial aging. It’s naturally aged,” explained Shirley Wu, a representative of Dandou. Each piece bears the imprint of decades of exposure to the elements, creating a narrative in every grain. Committed to sustainability, Dandou creatively repurposes off-cuts and scrap pieces into decorative items, extending the material’s lifecycle and embodying a zero-waste philosophy.

Studies have shown that wood surfaces can reduce stress and contribute to a calming environment. Dandou’s seamless integration of these elements into furniture design brings nature indoors, enhancing everyday spaces with quiet elegance and emotional warmth.

Simplicity and Lightness: A Natural Philosophy in Ceramics

This emotional affinity for nature extends into everyday rituals, such as choosing a bowl or cup. Chaozhou Yongxuan Domestic Ceramics Manufactory Co., Ltd. captures this sentiment with a collection that responds to growing consumer interest in tactile, minimalist aesthetics.

“The concept of the collection is ‘returning to nature,'” said Vanessa Xu, the Sales Director of Yongxuan. The design leans toward simplicity but is adapted for modern functionality. Departing from the traditional perception of handmade ceramics as heavy and bulky, Yongxuan applies refined techniques to achieve thinner, lighter forms while preserving artisanal character.

Displayed items, such as cups, plates, bowls, and spoons, feature earthy glazes and textures that suggest a direct link to clay and soil, evoking a sense of grounded beauty. These pieces offer more than utility; they elevate the dining experience into a sensory moment of calm and mindful intention.

A Return to Emotional Value in Home Living

Whether through the storied grains of recycled wood or the grounded textures of handmade ceramics, these products on display at Phase 2 of the 137th Canton Fair reflect a new dimension of quality home life, where nature, emotion, and design converge. In an era of rapidly advancing technology, a home is no longer just a place to keep furniture, it is a space for memory, comfort, and self-expression, while these thoughtful, tactile creations invite a slower, more mindful way of living.

 

 

S&E bio Receives Korea’s First Approval for Exosome-Based Therapy Clinical Trial

SEOUL, South Korea, May 1, 2025 /PRNewswire/ — S&E bio Co., Ltd., a biotechnology company specializing in exosomal microRNA-based therapies, has received approval from Korea’s Ministry of Food and Drug Safety (MFDS) to initiate a Phase 1b clinical trial of its investigational stroke therapy, SNE-101. This is the first exosome-based therapy in Korea to enter clinical trials, marking a major milestone in the country’s biopharmaceutical landscape.

S&E bio developed SNE-101 using a proprietary 3D culture system to optimize exosome production from umbilical cord-derived mesenchymal stem cells. The exosomes carry therapeutic microRNAs designed to enhance neuroregeneration.

The approval followed successful resolution of Chemistry, Manufacturing, and Controls (CMC) issues, as well as demonstration of therapeutic efficacy not only in rodent models but also in non-human primates, which better reflect human stroke pathology. Long-term safety was also confirmed.

The Phase 1b trial will evaluate the safety, dose-limiting toxicity, and preliminary efficacy of SNE-101 via intravenous administration. As no approved pharmacological therapies currently exist beyond reperfusion treatments for stroke, SNE-101’s potential neuroregenerative, neuroprotective, and anti-inflammatory effects offer new hope for improving recovery in stroke patients.

Media Contact:

Jae Bok Ban
COO, Business Development Division, S&E bio
jbbanbio@snebio.com 

U.S. Immigration Fund Welcomes Emily Zhu as Vice President of Business Development, Head of East Asia

PALM BEACH, Fla., May 1, 2025 /PRNewswire/ — U.S. Immigration Fund (USIF), a leading EB-5 Regional Center operator, is pleased to announce the addition of Emily Zhu as Vice President of Business Development, Head of East Asia. In her role, Zhu will focus on expanding USIF’s presence in East Asia, fostering relationships with investors, and guiding them through the EB-5 process. She will also work to educate individuals currently in the U.S. on non-immigrant visas about their options within EB-5.

Emily Zhu joins U.S. Immigration Fund as Vice President of Business Development, Head of East Asia
Emily Zhu joins U.S. Immigration Fund as Vice President of Business Development, Head of East Asia

With nearly a decade of experience in the EB-5 industry, Zhu brings extensive expertise in capital raising, investor relations, and strategic business development. Originally from China and residing in the U.S. since 2009, she began her EB-5 career in 2015 at a boutique immigration law firm and regional center in New York. From 2016 to 2019, she served as an in-house representative for a New York-based developer and regional center, managing investor relations and capital raising efforts.

“USIF has long been recognized as an industry leader in the EB-5 space, and I am thrilled to join this exceptional team,” said Zhu. “Our priority is to connect international investors with financially sound real estate projects that create jobs and support families in securing U.S. residency. I look forward to helping investors navigate the EB-5 process with transparency and expert guidance.”

“We are proud to welcome Emily Zhu as Vice President of Business Development, Head of East Asia. Emily’s deep understanding of the East Asian market and her commitment to investor success will be instrumental in expanding our reach and delivering premier EB-5 solutions,” explains Nicholas Mastroianni III, President & Chief Marketing Officer of U.S. Immigration Fund. “Her leadership will help us connect with more families and entrepreneurs who are looking to build a future in the U.S. through the EB-5 program.”

Since 2010, USIF has assisted over 5,000+ EB-5 applicants worldwide, facilitating investments in major development projects and successfully securing billions in funding. In October 2024, USIF’s Summit NJ Project received I-956F approval from USCIS, underscoring the company’s commitment to compliance and excellence in the EB-5 industry.

For more information or to schedule a consultation with Emily Zhu, use the links below.

Book a Consultation with Emily

Visit our website

 

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U.S. Immigration Fund Welcomes Cindy Lee as Vice President of Business Development, Head of South Korea

PALM BEACH, Fla., May 01, 2025 /PRNewswire/ — U.S. Immigration Fund (USIF), a leading EB-5 Regional Center operator, is proud to announce the addition of Cindy Lee as Vice President of Business Development, Head of South Korea. Based in Seoul, Lee will lead investor relations and business development efforts in South Korea, further strengthening USIF’s presence in the region.

Cindy Lee joins U.S. Immigration Fund as Vice President of Business Development, Head of South Korea
Cindy Lee joins U.S. Immigration Fund as Vice President of Business Development, Head of South Korea

Lee brings extensive experience in international recruitment, consulting, and EB-5 investor relations. Prior to joining USIF, she worked at St. George’s University, specializing in medical and health science admissions, and spent five years managing EB-5 investor relations at an established EB-5 Regional Center. Her background in both education and investment makes her uniquely positioned to guide South Korean investors through the EB-5 process with expertise and care.

“I am thrilled to join U.S. Immigration Fund and contribute to its global success,” said Lee. “South Korean investors are increasingly looking toward the EB-5 program as a pathway to new opportunities in the U.S., and I am excited to help them navigate the process with confidence and clarity.”

“We are excited to welcome Cindy Lee to the USIF team,” said Nicholas Mastroianni, President & Chief Marketing Officer of U.S. Immigration Fund. “Her deep understanding of investor relations and her proven ability to build strong relationships will be instrumental as we continue to expand in South Korea. Cindy’s expertise and leadership will enhance our ability to serve investors and provide them with top-tier EB-5 opportunities.”

Since its founding, USIF has helped thousands of families secure U.S. residency through EB-5 investments, successfully funding large-scale real estate projects with billions in capital. With Lee’s appointment, USIF aims to expand its reach and continue offering premier service to South Korean investors and families.

For more information or to schedule a consultation with Cindy Lee, use the links below.

Book a Consultation with Cindy

Visit our website

 

U.S. Immigration Fund Welcomes Emily Zhu as Vice President of Business Development, Head of East Asia

PALM BEACH, Fla., May 01, 2025 /PRNewswire/ — U.S. Immigration Fund (USIF), a leading EB-5 Regional Center operator, is pleased to announce the addition of Emily Zhu as Vice President of Business Development, Head of East Asia. In her role, Zhu will focus on expanding USIF’s presence in East Asia, fostering relationships with investors, and guiding them through the EB-5 process. She will also work to educate individuals currently in the U.S. on non-immigrant visas about their options within EB-5.

Emily Zhu joins U.S. Immigration Fund as Vice President of Business Development, Head of East Asia
Emily Zhu joins U.S. Immigration Fund as Vice President of Business Development, Head of East Asia

With nearly a decade of experience in the EB-5 industry, Zhu brings extensive expertise in capital raising, investor relations, and strategic business development. Originally from China and residing in the U.S. since 2009, she began her EB-5 career in 2015 at a boutique immigration law firm and regional center in New York. From 2016 to 2019, she served as an in-house representative for a New York-based developer and regional center, managing investor relations and capital raising efforts.

“USIF has long been recognized as an industry leader in the EB-5 space, and I am thrilled to join this exceptional team,” said Zhu. “Our priority is to connect international investors with financially sound real estate projects that create jobs and support families in securing U.S. residency. I look forward to helping investors navigate the EB-5 process with transparency and expert guidance.”

“We are proud to welcome Emily Zhu as Vice President of Business Development, Head of East Asia. Emily’s deep understanding of the East Asian market and her commitment to investor success will be instrumental in expanding our reach and delivering premier EB-5 solutions,” explains Nicholas Mastroianni III, President & Chief Marketing Officer of U.S. Immigration Fund. “Her leadership will help us connect with more families and entrepreneurs who are looking to build a future in the U.S. through the EB-5 program.”

Since 2010, USIF has assisted over 5,000+ EB-5 applicants worldwide, facilitating investments in major development projects and successfully securing billions in funding. In October 2024, USIF’s Summit NJ Project received I-956F approval from USCIS, underscoring the company’s commitment to compliance and excellence in the EB-5 industry.

For more information or to schedule a consultation with Emily Zhu, use the links below.

Book a Consultation with Emily

Visit our website

 

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Appian Congratulates 2025 Partner Award Winners for Delivering Impact with AI and Process Orchestration

SYDNEY, May 1, 2025 /PRNewswire/ — Appian (NASDAQ: APPN) today announced the Partner Award winners at its annual Appian World global conference. This year’s winners have created innovative solutions on the Appian Platform to deliver significant client impact and value.

This year’s winners have created innovative solutions on the Appian Platform to deliver significant client impact and value.
This year’s winners have created innovative solutions on the Appian Platform to deliver significant client impact and value.

“Our 2025 Partner Award winners exemplify the transformative power of the Appian Platform,” said  Christopher O’Connell, Global Leader of Partners & Alliances at Appian. “These organisations are not just implementing technology. They are driving real business outcomes. Our partners are helping clients streamline operations and enhance customer experiences to unlock new levels of innovation with AI across industries. We are incredibly proud of their achievements and the impact they are making for clients around the globe.”

Global Delivery Award: KPMG
Relying on its technology ecosystem, KPMG empowers clients to drive large-scale digital transformation through its deep industry expertise and advanced Appian implementation capabilities. Focused on enhancing customer experience and driving business growth with compliance through operational efficiency, KPMG delivers accelerated outcomes across sectors. KPMG has enabled clients to streamline complex processes with AI and automation on the Appian Platform.

Global Growth Award: Deloitte
Deloitte’s alliance with Appian is driving transformative impact across industries and regions to solve complex challenges in financial services, life sciences, public sector, and more. Fuelled by rapid growth in North America, Europe, and Australia, Deloitte has achieved a 97% increase in Appian-related services revenue since FY22. A 96% year-over-year rise in Appian certifications reflects Deloitte’s investment in talent through its Appian Centre of Excellence and Community of Practise. This growth strategy ensures clients are equipped with cutting-edge technology capabilities like AI and process orchestration to meet evolving market demands.

Americas Delivery Award: Perficient
The global digital consultancy has 40+ global locations with 25 years of industry experience in healthcare, automotive, energy, and manufacturing. Its Appian practise achieved 30% revenue growth and nearly doubled its sales pipeline in 2024, driven by close collaboration with Appian sales teams. The team also expanded its offshore capabilities by over 40%, reinforcing Perficient’s delivery excellence and deepening its global Appian partnership. Perficient played a pivotal role in qualifying inbound leads and supporting key wins, including successful engagements with a prestigious managed health care provider and a health insurance company in the U.S.

Americas Growth Award: PwC
Combining deep industry knowledge with Appian’s delivery expertise, PwC offers a strong Appian Centre of Excellence for global market-leading implementation and innovation. One of PwC’s leading solutions, the Interactions Hub —a SaaS solution built on Appian and managed by PwC—achieved significant growth in 2025. Purpose-built to help improve life sciences companies’ interactions with healthcare providers and organisations, Interactions Hub doubled its client base and user count. This growth was fuelled by the successful launch of seven new Appian Cloud instances for leading pharmaceutical clients. As the only Appian collaborator offering a managed, industry-specific SaaS platform, PwC brings thought leadership and deep life sciences expertise.

Innovation Award
These partners are recognised for outstanding achievement in the development and delivery of innovative Appian-based solutions to meet market needs.

Accenture – Finance and Accounting Transformation
Developed hyperautomation solutions that deliver comprehensive touchless automation across key financial processes like “record to report” and “order to cash” to enhance clients’ productivity, efficiency, and experience, while optimising costs and ensuring Audit compliance. These tailored solutions address specific client needs and can also scale to address growing demands.

Bits In Glass – Reinsurance Underwriting & AI Innovations
Helped a top-10 global reinsurer transform underwriting and claims operations by implementing intelligent automation and case management across geographies. The solution improved speed to resolution, enhanced data-driven decision-making, and positioned the reinsurer for enterprise-wide automation and growth.

EY – Real Estate Portfolio Auctioning Platform
Created a real estate auctioning platform on Appian that supports the process creation, management, and auction closure / results. It provides secure access, confidentiality, and increases asset returns (+20M € over the initial price in 2.5 years), resulting in over 2,100 auctions executed and high client satisfaction.

Impera  – Crypto Core Banking for LATAM
Built a crypto core banking solution for Towerbank to create Latin America’s first crypto-friendly bank. The solution features over 100 digitised processes and has automated 96% of processes to drive significant revenue growth for the bank.

Ignyte – Coordinated Care Solution for SLED
Created a patient-centred care coordination solution on the Appian Platform that unites all members of a healthcare team to help individuals navigate and access health programmes efficiently, modernising how public and private sector organisations support constituent care. The solution offers patients and providers a system of connected care that is accessible, HIPAA compliant, and encourages patient engagement.

Inetum – Digital Framework for Public Sector
A new services framework has been launched on the Appian platform to drive digital efficiency across the Spanish public sector. This no-code, self-provisioning solution enables more than 30 public agencies to configure and manage their own business processes. By automating citizen-facing procedures and internal administrative workflows through case management, the framework reduces processing times by up to two-thirds and significantly extends the scope of services offered.

Groundswell – Integrated Budget Solution for US Federal
Groundswell developed the Groundswell Integrated Budget Suite (GIBS) on the Appian Platform to modernise and streamline the federal budget lifecycle. GIBS offers secured, scalable workflow automation and reporting to improve the accuracy and efficiency of budget management.

Macedon Technologies – No Surprises Act Solution
Delivered significant, measurably successful  customer projects to create value in the last 12 months. The team automated 85% of processing the US No Surprises Act claims to protect patients and is managing over $250 million in disputes for an emergency medical service provider.

Waivgen  – EngaigeQ : AI Builder
Introduced the EngaigeQ : AI Builder framework to help organisations scale their AI adoption with flexible architecture. This capability enables clients to orchestrate AI Agent across multiple sources to efficiently optimise a wide range of work queues. EngaigeQ combines Waivgen’s innovative spirit with Appian’s powerful orchestration capability into a seamless AI Agent experience.

WNS  – Malkom for Shipping
Built on the Appian Platform, Malkom is transforming the shipping industry by integrating systems across the supply chain and automating workflows with data-driven insights. Results include 40-50% reduction in shipment documentation processing time and 50-75% faster booking turnaround, leading to $14 million savings over five years for one customer.

Xebia  – IntelliAgent Generative AI Solution
Integrated with the Appian Platform, IntelliAgent enables business users to deploy AI agents in minutes. Measured impacts include up to a 50% reduction in onboarding time and 20% increase in ticket support. It also provides real-time AI usage monitoring and enterprise-wide agent sharing.

Find an Appian partner to help achieve your vision with AI and process orchestration today: appian.com/partners.

About Appian
Appian is The Process Company. We deliver a software platform that helps organisations run better processes that reduce costs, improve customer experiences, and gain a strategic edge. Committed to client success, we serve many of the world’s largest companies across industries. For more information, visit appian.com. [Nasdaq: APPN]

Follow Appian: LinkedIn, X (Twitter)

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Mingteng International Corporation Inc. Announces Financial Results for Fiscal Year 2024

WUXI, China, April 30, 2025 /PRNewswire/ — Mingteng International Corporation Inc. (Nasdaq: MTEN) (the “Company” or “Mingteng International”), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2024.

Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, “In fiscal year 2024, we made several strategic decisions, including expanding our production capacity and increasing our workforce, to adapt to evolving market dynamics and rising competition. While these initiatives resulted in higher investments and operating expenses, we achieved solid revenue growth of 23.0%, underscoring the effectiveness of our business strategy and the strength of our long-standing relationships with major customers. Notably, our machining services have become a key growth driver due to prioritized resource allocation. This segment grew by an impressive 327.6% during this year, surpassing our mold repair business to become the second-largest revenue contributor, accounting for the 21.2% of total revenue in fiscal year 2024.

As a result of scaling up our operations, our cost of revenues rose at a faster pace. However, we managed to maintain a healthy gross margin above 30%, despite increased costs and relatively stable selling prices. This demonstrates our ability to sustain profitability while building a strong business foundation for the future growth. Overall, we remained committed to our core strengths in technical expertise, service reputation, and product quality, even in the face of external challenges. The past year was a transformative for Mingteng International, marked by significant expansion, we believe these efforts have laid a robust foundation for long-term, sustainable growth. Backed by the dedication of our team and the successful execution of our strategic initiatives, we are confident in our ability to unlock further development opportunities and elevate our business to the next level with enhanced capabilities and infrastructure.”

Fiscal Year 2024 Financial Summary

Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in the fiscal year 2023.

Gross profit was 3.07 million in fiscal year 2024, compared to $3.32 million in fiscal year 2023.

Gross margin was 30.3% in fiscal year 2024, compared to 40.4% in fiscal year 2023.

Net loss was $5.68 million in fiscal year 2024, compared to net income $1.51 million in fiscal year 2023.

Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share $0.30 in fiscal year 2023.

Fiscal Year 2024 Financial Results

Revenues

Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in fiscal year 2023. After consideration of the impact of rising exchange rates, total revenue increased by 24.3% or 14.1 million in RMB base currency.

For the Year Ended December 31,

2024

2023

($ millions)

Revenue

Cost of Revenue

Gross Margin

Revenue

Cost of Revenue

Gross Margin

Mold production

6.87

4.86

29.3 %

6.64

4.20

36.7 %

Mold repair

1.10

0.48

56.5 %

1.08

0.43

60.8 %

Machining services

2.14

1.71

20.1 %

0.50

0.27

45.2 %

Total

10.12

7.05

30.3 %

8.23

4.90

40.4 %

Revenue from mold production was $6.87 million in fiscal year 2024, an increase of 3.5% from $6.64 million in fiscal year 2023. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. (“Wuxi Mingteng Mould”) maintains long-term relationships with major customers and continues to open up the mold market in fiscal year 2025.

Revenue from mold repair was $1.10 million in fiscal year 2024, an increase of 1.7% from $1.08 million in fiscal year 2023.

Revenue from machining services was $2.14 million in fiscal year 2024, an increase of 327.6% from $0.50 million in fiscal year 2023. The increase was mainly attributed to the Company continuing investment in improving the production capacity in the second half of year 2023 and the first half of year 2024. Revenues from machining services gradually serve as a main source of revenue for the Company in the year 2024. Currently, Kehua Holding Co., Ltd. and Suzhou Green Control Transmission Technology Co., Ltd. are our major customers in machine services.

Cost of Revenues

Cost of revenues was $7.05 million in fiscal year 2024, an increase of 43.9% from $4.90 million in fiscal year 2023. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows:

First, in order to promote the future development of machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in fiscal year 2024, which lead to an increase of $821,025 in labor cost in fiscal year 2023.

Second, in order to pursue the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, the total investment of production machinery and equipment was $1,131,506 in fiscal year 2024, an increase from $650,982 in fiscal year 2023, resulting in an increase of depreciation expense which allocated to production costs of $59,817. The depreciation expense increased to $412,992 in fiscal year 2024 compared to $353,175 in fiscal year 2023. In addition, due to the expansion of production scale in fiscal year 2024, the indirect manufacturing costs also increased, such as the low-value consumption materials (mainly metal processing tools) increased by $446,490, amount to $972,225 in fiscal year 2024 from $525,735 in fiscal year 2023, and the charges for water and electricity increased by $106,101, amount to $260,541 in fiscal year 2024 from $154,440 in fiscal year 2023.

Last, due to the expansion of sales, the production orders increased, which means the materials assumptions also increased accordingly, the assumption of materials increased by $572,183, amount to $2,092,519 in fiscal year 2024 from $1,520,336 in fiscal year 2023.

Gross Profit and Gross Margin

Gross profit was $3.07 million in fiscal year 2024, a decrease from $3.32 million in fiscal year 2023. Gross margin was 30.3% for fiscal year 2024, compared to 40.4% in fiscal year 2023. Compared to fiscal year 2023, the labor costs and manufacturing expenses increased more significantly than the cost of raw materials in fiscal year 2024, leading to a relative decline in the proportion of raw materials within the total cost structure.

Gross margins for mold production, mold repair and machining services were 29.3%, 56.5%, and 20.1%, respectively, in fiscal year 2024, compared to 36.7%, 60.8%, and 45.2%, respectively, in fiscal year 2023.

Operating Expenses

Operating expenses were $8.18 million in fiscal year 2024, an increase of 417.4% from $1.58 million in fiscal year 2023.

Selling expenses were $150,418 in fiscal year 2024, a decrease of 1.8% from $153,213 in fiscal year 2023.The selling expenses remain stable.

General and administrative expenses were $7,395,559 in fiscal year 2024, an increase of 827.8% from $797,140 in fiscal year 2023, primarily due to a) share based compensation $4,408,200; b) the increase of consulting fee in fiscal year 2024 by $1,023,451 compared to fiscal year 2023, the Company paid large amount of consulting and professional fees for the Initial Public Offering (“IPO”) in April 2024; and c) due to the number of employees increased, the employee welfare expenses increased by $201,854; d) the increase in personal income tax accrued for stock-based payment of $736,473; e) after the successful listing of the Company, three independent directors were hired, resulting in an increase in salaries of $67,500.

Research and development expenses were $634,046 in fiscal year 2024, an increase of 0.5% from $630,752 in fiscal year 2023. Research and development expenses remain stable with a slight increase.

Net Income (Loss)

Net loss was $5.68 million in fiscal year 2024, compared to net income of $1.51 million in fiscal year 2023.

Basic and Diluted Earnings (Losses) per Share

Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share of $0.30 in fiscal year 2023.

Financial Condition

As of December 31, 2024, the Company had cash and cash equivalents of $2.08 million, compared to $1.06 million as of December 31, 2023.

Net cash provided by operating activities was $0.29 million in fiscal year 2024, compared to $1.30 million in fiscal year 2023.

Net cash used in investing activities was $3.43 million in fiscal year 2024, compared to $0.76 million in fiscal year 2023.

Net cash provided by financing activities was $4.15 million in fiscal year 2024, compared to net cash used in financing activities of $1.25 million in fiscal year 2023.

About Mingteng International Corporation Inc.

Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized and integrated mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated “Turnkey Project” for customers. The Company’s main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company’s website: https://ir.wxmtmj.cn/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

For investor and media inquiries, please contact:

Mingteng International Corporation Inc.
Investor Relations Department
Email: ir@wxmtmj.cn 

Ascent Investor Relations LLC

Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 MINGTENG INTERNATIONAL CORPORATION INC.

CONSOLIDATED BALANCE SHEETS

As of December 31,

2024

2023

ASSETS

Current Assets

Cash and cash equivalents

$

2,080,715

$

1,056,236

Accounts receivable, net

4,171,809

3,517,632

Other receivables-bank acceptance notes, net

971,044

471,166

Advances to suppliers

122,456

388,110

Other receivables

15,690

12,344

Inventories, net

1,183,572

1,217,045

Contract costs, net

96,656

Total current assets

8,641,942

6,662,533

Non-current Assets

Property and equipment, net

3,857,200

3,335,187

Intangible assets

67,710

Operating lease right-of-use assets, net

38,133

Deferred offering costs

715,771

Long-term investments

1,356,618

Total non-current assets

5,319,661

4,050,958

Total Assets

$

13,961,603

$

10,713,491

LIABILITIES AND EQUITY

Current Liabilities

Short-term loans

$

1,391,130

$

282,378

Accounts payable

1,276,419

1,053,215

Other payables and other current liabilities

1,829,642

1,041,910

Advance from customers

515,650

401,935

Amounts due to related parties

240,166

240,309

Current portion of lease liabilities

13,006

Total current liabilities

5,266,013

3,019,747

Non-current Liabilities

Deferred tax liabilities

221,551

246,893

Non-current portion of lease liabilities

20,408

Total non-current liabilities

241,959

246,893

Total liabilities

5,507,972

3,266,640

Commitments and contingencies

Shareholders’ Equity:

Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares authorized,
6,839,600 and 5,000,000 shares issued and outstanding as of December 31, 2024
and 2023)

68

50

Additional paid-in capital

7,620,339

897,308

Statutory reserves

465,572

465,572

Retained earnings

787,211

6,466,293

Accumulated other comprehensive loss

(419,559)

(382,372)

Total shareholders’ equity

8,453,631

7,446,851

Total Liabilities and Shareholders’ Equity

$

13,961,603

$

10,713,491

 

 

MINGTENG INTERNATIONAL CORPORATION INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Years Ended December 31,

2024

2023

2022

Revenues

$

10,120,257

$

8,225,911

$

8,026,764

Cost of revenues

(7,052,835)

(4,902,078)

(4,113,661)

Gross profit

3,067,422

3,323,833

3,913,103

Operating expenses:

Selling expenses

150,418

153,213

132,542

General and administrative expenses

7,395,559

797,140

926,786

Research and development expenses

634,046

630,752

492,526

Total operating expenses

8,180,023

1,581,105

1,551,854

(Loss) income from operations

(5,112,601)

1,742,728

2,361,249

Other income (expenses):

Government subsidies

651,267

129,138

92,832

Interest income

1,226

4,459

2,171

Interest expense

(36,769)

(59,477)

(53,991)

Other-than-temporary impairment

(1,121,382)

Other income, net

19,183

34,440

58,311

Total other income (expenses), net

(486,475)

108,560

99,323

(Loss) income before income taxes

(5,599,076)

1,851,288

2,460,572

Provision for income taxes

(80,006)

(344,586)

(327,384)

Net (loss) income

$

(5,679,082)

$

1,506,702

$

2,133,188

Comprehensive income (loss)

Net (loss) income

$

(5,679,082)

$

1,506,702

$

2,133,188

Foreign currency translation loss

(37,187)

(133,740)

(479,845)

Total comprehensive (loss) income

$

(5,716,269)

$

1,372,962

$

1,653,343

(Losses)/earnings per share

– Basic and diluted

$

(0.97)

$

0.30

$

0.43

Weighted average number of ordinary shares outstanding                   

– Basic and diluted

5,884,590

5,000,000

5,000,000

 

 

MINGTENG INTERNATIONAL CORPORATION INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31,

2024

2023

2022

Cash flows from operating activities

Net (loss) income

$

(5,679,082)

$

1,506,702

$

2,133,188

Adjustments to reconcile net (loss) income to net cash provided by
operating activities:

Depreciation of property and equipment

515,982

404,881

272,237

Amortization of intangible assets

6,213

Amortization of right-of-use assets

1,031

97,095

158,180

Share-based compensation expenses

4,408,200

Impairment loss on long-term investments

1,121,382

Provision for impairment of inventory

55,510

5,936

Provision for impairment of contract costs

11,827

(Recovery) provision of credit loss

(6,650)

(5,079)

17,606

Deferred income tax

(21,916)

254,224

(4,304)

Loss on disposal of property and equipment

24,905

648

Changes in operating assets and liabilities:

Accounts receivable

(705,865)

(1,129,372)

(489,078)

Other receivables-bank acceptance notes

(511,554)

302,846

(294,440)

Advances to suppliers

196,125

(151,983)

(223,562)

Other receivables

28,631

(35,657)

760,209

Inventories

(39,787)

(180,335)

194,674

Contract costs

(109,388)

Accounts payable

75,993

348,641

224,538

Advances from customers

120,746

343,470

(34,598)

Other payables

7,696

50,474

Payroll payable

134,421

(32,932)

166,388

Taxes payable

662,925

(269,691)

354,593

Amounts due to related parties

3,422

(70,819)

(348,333)

Change in operating lease liabilities

(5,794)

(88,586)

(85,075)

Net cash provided by operating activities

294,973

1,299,989

2,852,697

Cash flows from investing activities

Purchase of property and equipment

(945,918)

(761,792)

(1,439,365)

Purchase of intangible asset

(37,698)

Proceeds from disposal of property and equipment

28,083

6,558

Purchase of long-term investment

(2,478,000)

Net cash used in investing activities

(3,433,533)

(761,792)

(1,432,807)

Cash flows from financing activities

Proceeds from short-term loans

1,404,163

1,419,094

1,709,764

Shareholder contribution

148,675

Dividends

(352,123)

Repayment of short-term loans

(280,833)

(2,483,415)

(966,388)

Proceeds from initial public offering, net

3,293,096

Payments of deferred offering costs

(264,950)

(172,179)

(144,000)

Principal payments under finance lease obligations

(12,488)

(230,372)

Net cash provided by (used in) financing activities

4,151,476

(1,248,988)

165,556

Effect of foreign exchange rate change on cash and cash equivalents

11,563

(26,296)

(99,156)

Net increase (decrease) in cash and cash equivalents

1,024,479

(737,087)

1,486,290

Cash and cash equivalents at the beginning of the year

1,056,236

1,793,323

307,033

Cash and cash equivalents at the end of the year

$

2,080,715

$

1,056,236

$

1,793,323

Supplemental disclosures of cash flow information:

Interest paid

$

36,769

$

59,477

$

101,459

Income taxes paid

$

113,108

$

205,761

$

53,991

Non-cash investing activities:

Right-of-use assets acquired under operating lease

$

39,526

$

$

Liabilities incurred for purchase of property and equipment

$

208,651

$

21,257

$

Liabilities incurred for purchase of intangible assets

$

36,859

$

$