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Keep Releases Inaugural Environmental, Social and Governance (ESG) Report

BEIJING, April 25, 2025 /PRNewswire/ — Keep Inc. (HKEX: 3650) (“Keep” or the “Company”), the largest online fitness platform in China, today released its first standalone Environmental, Social, and Governance (ESG) Report, coinciding with the Company’s 10th anniversary. Aligned with its renewed mission to “Fuel every workout, Keep the neighborhood energetic”, the report details Keep’s progress across innovation, environmental stewardship, employee empowerment, corporate governance, and community-building, while reaffirming its commitment to long-term value creation.

“Keep has spent the past decade redefining fitness through innovation and inclusivity.” said Ning Wang, Chief Executive Officer of Keep. “Our inaugural ESG report reflects our unwavering commitment to empowering and safeguarding individuals and communities. As we embark on our next chapter, sustainability remains a foundation to our mission to energize the world.”

Keep is proud to announce its recent recognition across prominent ESG and sustainability platforms in 2024.

–     “Most Socially Responsible Listed Company” at the 2024 EDGE AWARDS Creative Selection (2024 EDGE AWARDS创意评选)
–     “Best ESG Innovation Award” at the 9th Zhitong Caijing Listed Companies Awards (第九届智通财经上市公司评选)
–     Dual honors at the 14th Philanthropy Festival & ESG Summit (第十四届公益节暨ESG影响力年会):

  • “2024 ESG Model Listed Company Award” (2024 ESG上市公司典范奖)
  • “2024 Outstanding Public Welfare Case Award” (2024年度公益案例奖)

Key Highlights from Keep’s 2024 ESG Report

1. Innovation-Driven Excellence: Revolutionizing Fitness Experiences 

Keep has consistently built its business models, technological breakthroughs and product innovation, with the aim of creating a user-first environment that is fun, engaging, reliable, accessible, and inclusive. This momentum keeps users connected and supported throughout their respective fitness journeys.

–     All-in-One Fitness Ecosystem.
–     Launched Keep App 8.0 with AI-driven smart plans, posture analysis, and marathon services; supported 400+ professional races annually.
–     Hosted 807 online sports events with 6.86 million+ participants; blended cultural themes and sustainability into award designs.
–     Expanded product lines across smart hardware, equipment, apparel, and nutrition; created a seamless connected ecosystem.
–     Organized 14 city-wide “K Mars” events across 7 cities; empowered diverse running communities.

– Intellectual Property Leadership: secured 507 patents, 1,339 trademarks, and 657 copyrights; removed 20,000+ counterfeit products and 2,000+ pirated courses. 

– Principal Efforts in User Safety & Content Integrity: 

  • Removed 72,000+ instances of content violations, banned 1,500+ accounts, and upgraded AI moderation tools.
  • Recorded zero product recalls related to health or safety.

2. Green Momentum: Pioneering a Low-Carbon Future 

Keep is committed to improving the environmental impact of its business operations and supporting initiatives that embrace a zero-carbon philosophy in alignment with global climate targets.

– Climate Action: Established a three-tier ESG governance framework and aligned disclosures with HKEX climate guidelines. 

– Sustainable Products: 

  • Debuted the first Carbon Neutral Knee Supports (reducing 256g CO₂ per pair) and the first carbon-neutral cycling events (448.46g CO₂ reduction per participant).
  • Launched self-powered fitness gear, including the C2 Lite Bike and H1 Lite+ Elliptical.
  • Transitioned to FSC-certified packaging across product lines. 

– Eco-Friendly Operations: achieved a 3% reduction in energy, water, and waste across facilities.

 3. Empowering People: A Culture of Inclusion and Growth 

Keep highly values diversity and strives to create a safe and supportive working environment where every employee can thrive. The Company actively supports the development and upward mobility of its employees.

– Equitable Workplace: 

  • Maintained a 51.41% female workforce with 100% employee benefits coverage.
  • Recorded Zero incidents of child or forced labor.

– Career Development: 

  • Delivered 36 hours of training per employee, with 98% participation via a 5,000+ course digital platform.

 4. Integrity in Action: Trust Through Transparency 

Keep is committed to building a fair and transparent business environment, by enforcing strict anti-corruption and anti-bribery standards in accordance with relevant acts, addressing systematic inequities, and strengthening its governance, security and privacy practices.

– Ethical Governance: 

  • Achieved 100% employee compliance with anti-corruption pledges.
  • Business ethics training implemented for 100% of employees.
  • All suppliers signed “Anti-Bribery Agreements”. 
  • Data Security:
    • Maintained ISO 27001/27701 certifications; introduced “Privacy Mode” for location anonymity. 
    • Conducted 4 internal and 3 external security audits; trained 100% staff on data protection.

5. Community Impact: Building Active, Inclusive Societies 

Keep proactively champions youth sports opportunities and wellness inclusion in underserved communities, by leveraging its platform to raise awareness, elevate local culture, and drive various philanthropic initiatives.

– Rural Empowerment: 

  • Built 12 “Dream Playgrounds” for underserved children; released a charity-themed film titled “Open the Door to the Magical Playground”《神奇操场请开门》to advocate for rural sports education.
  • Developed the “Red Heart King” (红桃K) special public welfare fund, donating winter kits and supporting sports programs.

– Fitness for All: 

  • Hosted 5 “Village Run” events with nearly 260,000 participants, to showcase achievements of rural revitalization. 
  • Partnered with nearly 20 enterprises to engage 380,000+ of their respective employees in wellness initiatives.

To access the Company’s inaugural ESG Report, please visit: https://www.calorietech.com/sustainableDevelopment and the HKEX’s website at http://www.hkexnews.hk.

About Keep Inc.

Keep Inc. (HKEX Stock Code: 3650) is the largest online fitness platform in China in terms of MAUs and number of workout sessions completed by users in 2022, according to CIC. Keep offers a comprehensive fitness solution to help users achieve their fitness goals. On the Keep platform, extensive, professional, and premium fitness content with diverse activities and services are offered to encourage users to engage in daily exercise. Keep platform leverages AI technology to provide personalized workout programs incorporating recorded courses and interactive live streaming classes, dynamically customized to each user’s athletic levels, fitness goals, daily workout patterns and diet. Keep’s services seamlessly connect the physical and digital realms, spanning smart devices, workout equipment, athletic apparel and food to provide an immersive fitness experience.

For more information on Keep Inc., visit https://keep.com/.

WATERDROP FILES ANNUAL REPORT ON FORM 20-F FOR FISCAL YEAR 2024

BEIJING, April 25, 2025 /PRNewswire/ — Waterdrop Inc. (“Waterdrop”, the “Company” or “we”) (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (“SEC”) on April 25, 2025. The annual report can be accessed on the Company’s investor relations website at https://ir.waterdrop-inc.com as well as the SEC’s website at http://www.sec.gov

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to the Company’s IR Department at IR@shuidi-inc.com

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com

For investor inquiries, please contact:
Waterdrop Inc.
IR@shuidi-inc.com

THE Asia University Ranking 2025 Declared – KIIT Rises to 184th Position in Asia; 8th in India

BHUBANESWAR, India, April 25, 2025 /PRNewswire/ — Like every year, the Times Higher Education (THE) Asia University Rankings have been announced, and KIIT Deemed to be University (https://kiit.ac.in/), Bhubaneswar has once again secured a remarkable position. In the 2025 edition, KIIT has achieved the 184th rank in Asia, marking a significant improvement from last year’s position of 196. This advancement reaffirms KIIT’s steady progress and its growing recognition in the realm of global academic excellence.

THE Asia University Ranking 2025 Declared - KIIT Rises to 184th Position in Asia; 8th in India
THE Asia University Ranking 2025 Declared – KIIT Rises to 184th Position in Asia; 8th in India

With this latest ranking, KIIT stands as the 8th best university in India across both government and private institutions. It has achieved this position among many prestigious Indian institutes. Additionally, it retains its distinction as the top-ranked Deemed University in Eastern and Northern India. Notably, in the subject of Sports Science, KIIT is ranked 2nd in India.

This year’s rankings feature 853 universities from 35 countries and territories. The assessment is based on their performance in research, teaching, knowledge transfer and international outlook. The rankings, evaluated using 18 performance indicators, are trusted by students, academics, policymakers and industry leaders worldwide.

Prof. Achyuta Samanta, Founder of KIIT, KISS, and KIMS, expressed heartfelt gratitude to the dedicated faculty, staff, students, alumni, and well-wishers who have played a pivotal role in this achievement. “This recognition reflects the collective efforts and the mission-driven spirit that define KIIT. We share this success with every individual who believes in our values,” he stated.

KIIT has consistently featured in prestigious global rankings, including the THE World University Rankings and QS Rankings. The university has also earned major international accreditations such as IET, ABET, and others, further cementing its status as a global centre of excellence in higher education.

It is worth highlighting that despite being only 27 years old, KIIT has outperformed several well-established institutions on the list – many of which have been around for over 50 years. Furthermore, it received its deemed-to-be-university status just 21 years ago.

 

Malaysia China Linyi Commodity Exhibition opens in Kuala Lumpur

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 25 April 2025 – More than 5,000 international purchasers are gathering in Kuala Lumpur, capital city of Malaysia, to explore trade cooperation opportunities at the Malaysia China Linyi Commodity Exhibition from April 25 to 26.

The exhibition, organized by Linyi Trade City, which is a prominent wholesale trading center in China, displays commodities including sports goods, daily necessities, kitchenware, automotive supplies, and small building materials and hardware.

“With a comprehensive upgrade, this year’s exhibition is expected to increase trade volume by 10 percent, enhancing its market share in Malaysia,” said Song Liansheng, president of Linyi Small Commodities Chamber of Commerce.

“This exhibition is a significant event for Linyi city. It provides a platform for businesses from China and Malaysia to explore potential economic collaborations, strengthening trade and commerce ties,” said Y.B. Tuan Weng San, speaker of the Malaysian Selangor State Legislative Assembly.

Malaysia, known as the crossroads of Southeast Asia, has become a central hub for commodity procurement. In recent years, the Belt and Road Initiative’s joint construction between China and Malaysia has steadily progressed, fostering frequent cooperation and exchanges. In March 2022, the RCEP agreement officially took effect in Malaysia, further enhancing trade between the two nations.

Economic and trade cooperation between Malaysia and Linyi has increased over the past few years. According to official data, in 2024, Linyi’s import and export volume with Malaysia reached 8.91 billion yuan ($1.22 billion), a year-on-year increase of 67.9 percent.

Companies from Linyi have also expanded their presence in Malaysia. For example, Lanhua Group launched the Lanhua (Malaysia) overseas mall in October last year, serving as the 35th overseas mall and commercial warehouse developed by Linyi. The project aims to serve as an overseas display window for Linyi Trade City, showing its high-quality products in Malaysia.

“The overseas mall has also provided e-commerce training for locals, helping them open online stores. This initiative is expected to support entrepreneurship and create employment opportunities in local communities,” said Oscar Li, general manager of the Southeast Asia Division of Shandong Lanhua Group.

By 2026, the market transaction volume of Linyi Trade City is expected to surpass 800 billion yuan, while the total logistics amount is anticipated to exceed 1.2 trillion yuan.

Hashtag: #MalaysiaChinaLinyiCommodityExhibition

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

East Asia Pacific Growth Slows in 2025, World Bank Says

East Asia and Pacific has led in economic growth, but to sustain momentum and create jobs, countries must address global uncertainties. Key challenges include shifting global integration, climate change, and demographic trends.

According to the World Bank Group’s latest 2025 Regional Economic Update , it is expected to slow to 4.0 percent in 2025, affected by global conditions and domestic policies. 

China’s growth will decelerate to 4.0 percent due to trade restrictions, policy uncertainty, global slowdown, and property sector weakness. Growth projections vary across the region: Mongolia 6.3 percent and Vietnam 5.8 percent lead, followed by the Philippines 5.3 percent, Indonesia 4.7 percent, Cambodia 4.0 percent, Malaysia  3.9 percent, and Laos 3.5 percent, while Thailand lags at 1.6 percent. 

Meanwhile, the growth in the Pacific Island countries is projected at 2.5 percent.

Despite these challenges, the World Bank projects that approximately 24 million people in the region will escape poverty between 2024 and 2025, based on the upper-middle-income poverty line.

“While navigating global uncertainty, countries across the region have the opportunity to strengthen their economic prospects by embracing and investing in new technologies, opening up business opportunities through bolder reforms, and deepening international cooperation,” said Manuela V. Ferro, Vice President of the World Bank for East Asia and Pacific.

WB economists point to three key strategies that could help countries in the region navigate both immediate uncertainties and long-term challenges:

First, accelerating adoption of new technologies could boost productivity and create more jobs, following successful models in Malaysia and Thailand.

Second, implementing reforms to enhance competition, particularly in services sectors, could unlock new economic opportunities as demonstrated by Vietnam’s approach. 

Third, deeper international cooperation could strengthen economic resilience in the face of global challenges.

“Combining new technologies with bold reform and innovative cooperation could help countries in the region cope with current environment and longer-term challenges,” noted Aaditya Mattoo, World Bank East Asia and Pacific Chief Economist. “That is the recipe for higher productivity and better jobs.”

BOBA YOU X ME: TAIWAN’S FIRST-EVER CULTURAL AND ARTISTIC BUBBLE TEA EXHIBITION BY ORBITEL INTERNATIONAL, A GLOBAL LEADER OF INSTANT FOODS

A cultural reimagining of bubble tea through contemporary art…

Orbitel International’s O’s Bubble reinterprets Taiwan’s most iconic drink as a creative catalyst

LOS ANGELES, April 25, 2025 /PRNewswire/ — In a city synonymous with its bubble tea culture, Orbitel International, under its creative brand O’s Bubble, is flipping the script on how brands engage with culture.

In the quiet act of making, connection begins — BOBA YOU X ME, by Orbitel International Corp., believes in the stories we build when we believe in ourselves.
In the quiet act of making, connection begins — BOBA YOU X ME, by Orbitel International Corp., believes in the stories we build when we believe in ourselves.

Their latest endeavor — BOBA YOU X ME — launches this April as Taiwan’s first-ever cultural and artistic bubble tea exhibition. Through this historic collaboration between an FMCG leader and four Taiwanese artists, the project reshapes a humble drink into a symbol of resilience, connection, and transformation.

Opening April 26 at Node94 in Taipei, the exhibition runs until May 10 and coincides with “BubbleTeaDay” (April 30). Across 15 days, visitors will encounter mirrored floors, figurative sculptures, and kinetic installations that reframe the ubiquitous boba pearl as a trans-cultural icon.

When FMCG Meets Fine Art: A First in Taiwan 

Unlike traditional brand showcases, BOBA YOU X ME is an immersive artistic provocation, a quiet divergence from commercial tropes. Orbitel International doesn’t simply sponsor this project; it co-creates it. Behind the vision is a team of creatives who saw in boba not just nostalgia, but narrative, led by the mind of Orbitel International’s own Creative Director, Ken Hsieh.

We believe in the elasticity of Taiwan’s culture — how it bounces across oceans, soft but strong,” said Fanny Chen, Co-Founder and CEO of Orbitel International. “This isn’t about selling drinks. This is about sending Taiwan’s creative voice abroad, shaped by artists, sustained by community.”

Four Artists, Four Interpretations of ‘Connection’

Ken Hsieh – The Creative Brainchild Behind the Expo,

“Design is my language. But art is how I ask questions.”

As the project’s conceptual lead and Creative Director of Orbitel International, Hsieh embodies the intersection of design, emotion, and brand culture. A recipient of iF Design, Red Dot, and Lahti Triennale honors, his dual life as a painter and designer has made him one of Taiwan’s most versatile creative voices. His curatorial vision threads the show together — part visual poetry, part cultural invitation. 

Rong-Chih Huang – Curating Play and Participation,

“A good exhibition invites reflection. A great one invites response.”

As a senior curator and education lead at the Ju Ming Museum, Huang merges pedagogy with participation. His practice builds bridges between contemporary art, children’s imagination, and social spaces. 

Chi-Hsuan Hsieh – Sculpting Silence,

“Sculpture lets me anchor fleeting things — a smile, a season, a goodbye.”

Recipient of the 2024 Kaohsiung Art Award, Hsieh’s sculptural lexicon spans the monumental and the miniature. His works are about presence — sometimes still, often aching — always reflective of a world in transition. 

Shang-Fu Tsai – Assemblage of Absurdity, 

“I build misfits. Things that twitch, blink, creak—like us, like memory.”

Known for reimagining discarded materials into mechanical storytelling, Tsai explores human quirks through malfunctioning installations. His practice — part satire, part kinetic theatre — teases at the logic of the everyday. 

A Soft Power Statement 

In a world chasing speed and sales,  Orbitel International chooses a different pace — one led by artistic sincerity and cultural integrity. Through BOBA YOU X ME, the brand affirms that commerce and creativity are not in opposition, but co-conspirators in building lasting meaning.

“We’re not just serving beverages,” says Charlotte Chen Vice President  Sales & Marketing, Orbitel International, “We’re serving stories. Each smile, each sip, each sculpture — it all speaks to how we connect, how we belong, and how we imagine.”

Exhibition Details  for BOBA YOU X ME 

  • Dates: April 26May 10, 2025
  • Venue: Node94, B1, No. 94 Chaozhou St, Da’an District, Taipei
  • Opening Ceremony: April 26 at 11:00 AM
  • Public Hours: Weekends 11:00–19:00 | Friday 13:00-19:00 | Weekdays 13:00–18:00
  • Artist Dialogue Salon: May 3 at 14:00 PM, at Naturdise Café

For all images please click on BOBA YOUXME-download

For more information about Orbitel Internation, visit https://orbitelinternational.com

https://osbubble.com 

Media Inquiries & RSVP 

We warmly welcome friends from the media in Taiwan and all across the globe (if you are in Taiwan), to join us in experiencing this cultural milestone. For interviews, images, press previews, or curated walk-throughs, please contact: 

Name: Nina Jen

Title: Marketing Manager

Email: marketing@orbitel.com.tw

Democracy News Alliance – Australia’s next government must mend structural cracks appearing in its political, economic and social foundation, report finds

LOS ANGELES, US – Newsaktuell – 25 April 2025 – Australia boasts some of the world’s most sophisticated political institutions and one of its wealthiest economies. But this veneer of success masks deeper structural issues — and a “ticking time bomb” of overreliance on extractive industries must be addressed under Australia’s next government, a new report recommends.

Recent polls suggest that the upheaval caused by U.S. President Donald Trump is damaging centre-right political parties in Australia, which could spell defeat for conservative Opposition Leader Peter Dutton (right) and garner a win in the upcoming election for Prime Minister Anthony Albanese (left) of the Labor Party, who had earlier been projected to lose. (Photo by Tracey Nearmy/AFP) / The use of this image for editorial purposes is permitted and free of charge provided that all conditions of use are complied with. Publication must use image credits.
Recent polls suggest that the upheaval caused by U.S. President Donald Trump is damaging centre-right political parties in Australia, which could spell defeat for conservative Opposition Leader Peter Dutton (right) and garner a win in the upcoming election for Prime Minister Anthony Albanese (left) of the Labor Party, who had earlier been projected to lose. (Photo by Tracey Nearmy/AFP) / The use of this image for editorial purposes is permitted and free of charge provided that all conditions of use are complied with. Publication must use image credits.

Cracks have begun to show in the country’s façade of optimism, prosperity and progress, according to an Australia BGI Report on the country’s governance performance, released eight days before the May 3 election.

According to the report, the country’s economy continues to rely heavily on environmentally harmful extractive industries, while economic centralization in only a handful of cities has driven up housing costs. Racial tensions, including the displacement of Indigenous populations, remain unresolved.

This is resulting in “rising political polarization, deepening inequality and heightening exposure to the deeper geopolitical tensions emerging between the U.S. and China,” said the report.

Based on the Berggruen Governance Index (BGI), the report was conducted by researchers from the Los Angeles-based Berggruen Institute think tank, the Luskin School of Public Affairs at the University of California Los Angeles (UCLA) and the Hertie School, a German university.

According to the report, Australia has long benefited from favourable economic, geopolitical and demographic conditions. Its cities are ranked as some of the most livable in the world and it scores highly on almost all governance measures in the BGI, which analyzes the relationship between democratic accountability, state capacity and the provision of public goods.

But the country isn’t exempt from the same challenges to democracy, prosperity, and social cohesion that similar countries are facing, according to the report.

Eroding public trust in government is providing “the backdrop for a hotly contested federal election,” during which the centre-left Labor Party under Prime Minister Anthony Albanese is seeking to defend its majority against Opposition Leader Peter Dutton and the centre-right Liberals.

While the Labor Party was previously projected to lose after a lacklustre post-pandemic economic recovery, it has recently risen in the polls — a reversal mirroring a similar trend in Canada, in which U.S. President Donald Trump has amplified negative associations with conservatism. Now, the Australian Labor Party is projected to win by a slim margin.

Another factor influencing the election is rental affordability, which reached its worst level on record in 2025, according to the REA Group, a company in the real estate industry. This trend is pushing younger voters toward the Australian Green Party, which has made reform on the housing market a central part of its policy agenda, the Australia BGI Report said.

However, in the 2022 election, 12 per cent of the national vote translated into just 2.5 per cent of seats for the Greens — a pattern that “could repeat itself in 2025 due to the country’s preferential voting system.”

Australia’s electoral system uses a preferential voting system rather than the ‘first-past-the-post’ method common in many other Anglophone democracies, which conceals a “darker history of Indigenous dispossession and racial discrimination.” It’s also one of only 22 countries in the world that require citizens to vote.

However, the stresses that have plagued Albanese’s government “will persist regardless of who prevails in May,” said the BGI report.

Australia generally resembles wealthy Western European and North American countries on the 2024 Berggruen Governance Index, scoring highly on democratic accountability. It’s ranked as one of only 25 “full democracies” by the Economist Intelligence Unit.

But, despite ranking 9th globally in GDP per capita, Australia ranks only 99th worldwide in the Economic Complexity Index (ECI).

“Although Australia is blessed with bountiful natural resources, its political economy is also constrained by this very endowment,” said the Australia BGI Report. “Its reliance on extractive industries has reduced the incentive to diversify and weakened other parts of the economy.”

Iron ore, coal, petroleum, gold, and other minerals comprise the five largest products sold abroad, accounting for more than half of all exports.

Instead of moving away from this reliance, “Australia has in many ways doubled down,” said the report. Australia is the world’s largest coal exporter and accounts for more than half of the world’s lithium, with most of it going to China for battery manufacturing.

Therein lies another issue. While Australia is increasingly economically dependent on China, it has also long relied on the U.S. security guarantee. In the context of a growing U.S.-China rivalry, this puts Australia in a precarious position, said the report, being “economically tethered to one superpower, while militarily aligned with another.”

To move past these problems, Australia will have to “leverage its impressive state capacity and strong educational system to develop a more advanced services sector and more complex manufacturing,” said the Australia BGI Report.

The next government will need to focus on the “domestic essentials of growth” such as housing market reforms, as well as building economic complexity, to ensure internal and external stability, the report’s researchers conclude. Only with a more complex economy “can Australia ensure future growth and reduce vulnerability to foreign powers like China and the U.S.”

———————————————-

This text and the accompanying material (photos and graphics) are an offer from the Democracy News Alliance, a close co-operation between Agence France-Presse (AFP, France), Agenzia Nazionale Stampa Associata (ANSA, Italy), The Canadian Press (CP, Canada), Deutsche Presse-Agentur (dpa, Germany) and PA Media (PA, UK). All recipients can use this material without the need for a separate subscription agreement with one or more of the participating agencies. This includes the recipient’s right to publish the material in own products.

The DNA content is an independent journalistic service that operates separately from the other services of the participating agencies. It is produced by editorial units that are not involved in the production of the agencies’ main news services. Nevertheless, the editorial standards of the agencies and their assurance of completely independent, impartial and unbiased reporting also apply here.

Hashtag: #DemocracyNewsAlliance

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

Meihua International Medical Technologies Co., Ltd. Reports 2024 Financial Year Results

YANGZHOU, China, April 25, 2025 /PRNewswire/ — Meihua International Medical Technologies Co., Ltd. (“MHUA” or the “Company”) (Nasdaq: MHUA), a reputable manufacturer and provider of Class I, II, and III disposable medical devices with operating subsidiaries in China, today announced its financial results for the fiscal year ended December 31, 2024. All amounts below are in U.S. dollars.

Fiscal Year 2024 Financial Metrics:

  • Revenues remained stable and decreased slightly to $96.91 million for the year ended December 31, 2024, from approximately $97.10 million for the year ended December 31, 2023. The decrease was mainly due to the Company’s disposal of Hainan Guoxie Technology Group Co. Ltd (“Hainan Guoxie”).
  • Gross profit was approximately $33.30 million for the year ended December 31, 2024, compared with approximately $33.20 million for the year ended December 31, 2023.
  • Gross profit margin was 34% for both the years ended December 31, 2023 and 2024.
  • Income from operations was approximately $14.31 million for the year ended December 31, 2024, compared to approximately $14.67 million for the year ended December 31, 2023.
  • Net income was approximately $10.84 million for the year ended December 31, 2024, compared to approximately $11.59 million for the year ended December 31, 2023.

 

For the Years Ended December 31

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

2024

2023

%Change

Revenues

$

96.9

$

97.1

(0.2)

%

Gross profit

33.3

33.2

0.3

%

Gross margin

34

%

34

%

Flat

Income from operations

14.3

14.7

(2.5)

%

Net income attributable to shareholders

10.8

11.6

(6.5)

%

Net income per share – Basic and Diluted

0.40

0.49

(18.4)

%

Mr. Yongjun Liu, Chairman of the Company, commented, “In 2024, against a backdrop of a moderate macroeconomic recovery, we maintained our focus on advancing our strategic transition toward high-end medical products and enhancing operational efficiency. Our full-year revenue remained stable at $96.91 million, with gross profit increasing slightly by 0.3% year-over-year to $33.3 million and a solid gross margin of 34.0%. We ended the year with a healthy cash position of $17.3 million and improved operating cash flow, providing a strong foundation for our ongoing strategic initiatives. We believe that these results underscore the strength and resilience of our business model and our ability to optimize operations while sharpening our product focus.

“As part of our transformation, we completed the sale of our controlling equity stake in Hainan Guoxie in early 2024 and closed on a $6.0 million tranche under our previously announced securities purchase agreement in December 2024. This enabled us to reallocate capital toward higher-growth opportunities. We also made significant progress on the construction of our integrated medical industrial park in Boao Hope City, Hainan Province – the cornerstone of our long-term strategy. We believe that this facility, supported by national-level preferential policies from Qionghai City, will bring R&D, manufacturing, logistics and commercialization together under one roof, with plans in place to roll out advanced technologies, including minimally invasive surgical robots and smart home-use medical devices. The medical park is expected to be completed by mid-2025 and we anticipate that it will play a central role in accelerating our transition toward premium consumables and intelligent healthcare products.

Innovation continues to be the focus of our business. In May 2024, we launched our AI-powered Speed Fox warehouse management and logistics platform, significantly enhancing supply chain efficiency and customer satisfaction. In July, we participated in the world’s second-ever remote robotic lobectomy, marking a breakthrough in surgical innovation. These milestones reflect our growing capability to deliver advanced, technology-driven solutions to partners and customers globally. Looking ahead, we remain committed to strengthening our global and domestic distribution networks, expanding our high-end medical product portfolio, and further integrating AI to drive operational excellence and long-term value for our stakeholders.”

Fiscal Year 2024 Financial Results:

Revenues

Revenues decreased by approximately $0.19 million to $96.91 million for the year ended December 31, 2024 from approximately $97.10 million for the year ended December 31, 2023. The decrease was mainly due to the disposal of our subsidiary, Hainan Guoxie.

Cost of revenues

Cost of revenues primarily include cost of materials, direct labor costs, overhead, and other related incidental expenses that are directly attributable to the Company’s principal operations. Cost of revenues decreased by approximately $0.29 million, or approximately 0.5%, to $63.61 million for the year ended December 31, 2024 from approximately $63.90 million for the year ended December 31, 2023. The decrease was generally in line with an overall decrease in the cost of revenue, except for certain fixed costs such as lease expense and salary of administrative employees in the Company’s production department.

Gross profit and margin

Gross profit increased by approximately $0.10 million, or approximately 0.3%, to $33.30 million for the year ended December 31, 2024 from approximately $33.20 million for the year ended December 31, 2023. Gross profit margin remained consistent at 34% for the years ended December 31, 2023 and 2024.

Operating costs and expenses

Our operating costs and expenses consisted of selling expenses, general and administrative expenses and research and development expenses.

– Selling

Selling expenses decreased by approximately $0.66 million, or approximately 9%, to $6.64 million for the year ended December 31, 2024 from approximately $7.30 million for the year ended December 31, 2023. The decrease was mainly attributable to the combined effects of the following:

(a) Our consulting fees decreased to nil for the year ended December 31, 2024 from approximately $0.78 million for the year ended December 31, 2023. The Company signed a contract with a third-party consultant on October 12, 2023 in order to conduct market research and analysis on the Company’s main basic medical consumables and robotic surgical systems in the U.S. and related overseas countries. There was no such expense for the year ended December 31, 2024.

(b) Our transportation expenses increased by approximately $0.15 million, or approximately 6%, to $2.47 million for the year ended December 31, 2024 from $2.32 million for the year ended December 31, 2023. The increase in business travel was due to an increase in demand for customer orders.

– General and administrative expenses

General and administrative expenses increased by approximately $1.24 million, or approximately 19%, to $7.78 million for the year ended December 31, 2024, from approximately $6.54 million for the year ended December 31, 2023. The increase was primarily due to (a) legal costs increasing by approximately $1.35 million from $nil for the year ended December 31, 2023 to approximately $1.35 million for the year ended December 31, 2024; (b) entertainment expenses increasing by $0.07 million from $1.22 million for the year ended December 31, 2023 to approximately $1.29 million for the year ended December 31, 2024; (c) conference fee increasing by $0.06 million from $1.22  million for the year ended December 31, 2023 to $1.29 million for the year ended December 31, 2024; offset by (d) insurance expenses decreasing by $0.11 million from $0.12 million for the year ended December 31, 2023 to $5,067 for the year ended December 31, 2024, and (e) other expenses decreasing by approximately $0.11 million from $0.34 million for the year ended December 31, 2023 to approximately $0.23 million for the year ended December 31, 2024.

– Research and development expenses

Research and development expenses increased by approximately $0.70 million, or approximately 26%, to $3.46 million for the year ended December 31, 2024, from approximately $2.75 million for the year ended December 31, 2023. The increase was mainly due to an increase in sample manufacturing expenses.

Income from operations

As a result of the factors described above, our income from operations decreased by approximately $0.36 million, or approximately 2.5%, to $14.31 million for the year ended December 31, 2024 from approximately $14.67 million for the year ended December 31, 2023.

Income tax expense

The provision for income taxes decreased by approximately $0.67 million, or approximately 19%, to $2.79 million for the year ended December 31, 2024, from approximately $3.46 million for the year ended December 31, 2023. The decrease was mainly due to a decrease of taxable income in 2024.

Net income

Our net income decreased by approximately $0.75 million, or approximately 7%, to $10.84 million for the fiscal year ended December 31, 2024 from approximately $11.59 million for the fiscal year ended December 31, 2023.

Recent developments

On February 26, 2024, the Company transferred 45% of the equity interest in Hainan Guoxie from Kang Fu International Medical to Jiangsu Huadong, and the remaining 10% equity interest was sold to a third party, Yangzhou Boxin Medical Equipment Co., Ltd. in exchange for $637,940 (RMB4.4 million) in consideration. After the transaction, the Company no longer controls Hainan Guoxie, thus the Company deconsolidated Hainan Guoxie upon the completion of the transaction.  

Effective December 26, 2024, the Company entered into an amendment (the “Amendment”) to the securities purchase agreement, originally dated December 27, 2023 (the “SPA”), between the Company and Anson Investments Master Fund LP and Anson East Master Fund LP for the sale of up to $50.50 million in convertible notes and warrants. Under the Amendment, the parties agreed that there would only be the single $6,000,000 closing under the SPA, which occurred on January 2, 2024, and would be no additional closings under the SPA.

About Meihua International Medical Technologies Co., Ltd.

Meihua International Medical Technologies Co., Ltd. is a reputable manufacturer and provider of Class I, II and III disposable medical devices with operating subsidiaries in China. The Company manufactures and sells Class I disposable medical devices, such as HDPE bottles for tablets and LDPE bottles for eye drops, throat strips, and anal bags, and Class II and III disposable medical devices, such as disposable identification bracelets, gynecological examination kits, inspection kits, surgical kits, medical brushes, medical dressing, medical catheters, uterine tissue suction tables, virus sampling tubes, disposable infusion pumps, electronic pumps and anesthesia puncture kits, among other products which are sold under the Company’s own brands and are also sourced and distributed from other manufacturers. The Company has received an international “CE” certification and ISO 13485 system certification and has also registered with the FDA (registration number: 3006554788) for over 20 Class I products. The Company has served hospitals, pharmacies, medical institutions and medical equipment companies for more than 30 years, providing over 1,000 types of products for domestic sales, as well as over 120 products which are exported to more than 30 countries internationally across Europe, North America, South America, Asia, Africa and Oceania.

For more information, please visit www.meihuamed.com.

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Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to achieve its goals and strategies, and its ability to fully execute on the planned agreement, the Company’s future business development and plans of future business development, including its ability to successfully develop robotic assisted surgery systems and obtain licensure and certification for such systems, financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, fluctuations in general economic and business conditions in China, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission (“SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including under the section entitled “Risk Factors” in its annual report on Form 20-F, as well as on Form 6-K and other filings, all of which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For investor and media inquiries, please contact:

IR Department
Email: secretary@meihuamed.com
Tel: +86-0514-89800199

Christensen
Yang Song
Email: yang.song@christensencomms.com
Tel: +86-010-59001548