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JUST IN: 13 Dead After 7.7-Magnitude Earthquake Strikes Myanmar

Medical workers transport an earthquake casualty in the compound of a hospital in Naypyidaw on March 28, 2025, after an earthquake in central Myanmar. A powerful earthquake rocked central Myanmar on March 28, buckling roads in capital Naypyidaw, damaging buildings and forcing people to flee into the streets in neighbouring Thailand. (Photo by Sai Aung MAIN / AFP)

Latest update on 28 March at 5:13 PM

Laotian Times/AFP – A devastating earthquake rocked central Myanmar on the afternoon of 28 March, leaving at least 13 people dead and causing widespread damage.

At least three workers were killed when a 30-storey under-construction tower collapsed in Bangkok after a major earthquake on Friday, the Thai deputy prime minister said.

Phumtham Wechayachai said 81 people were trapped in the rubble after the collapse, which followed the powerful 7.7 magnitude quake centered in Myanmar.

The tremor struck northwest of the city of Sagaing, with its epicenter located at a shallow depth, according to the United States Geological Survey. Shortly after, a 6.4-magnitude aftershock rattled the region, intensifying the panic and destruction.

In Myanmar, roads buckled, and ceilings collapsed, with residents fleeing to safety.

The tremors were felt as far as Bangkok, Vientiane, and China’s Yunnan province.

Emeren Group Announces CEO Transition, Formation of a Special Committee and Preliminary Q1 2025 Results

NORWALK, Conn., March 28, 2025 /PRNewswire/ — Emeren Group Ltd (“Emeren” or the “Company”) (www.emeren.com) (NYSE: SOL), a leading solar project developer, owner, and operator, today announced that Mr. Yumin Liu, Chief Executive Officer, will step down from his role effective April 30, 2025. The company’s Board of Directors has appointed Ms. Julia Xu, currently an independent director, as Interim CEO, effective May 1, 2025. Emeren has initiated a formal search for its next Chief Executive Officer and is considering both internal and external candidates.

CEO Transition

Mr. Liu has served as CEO for over five years, during which time he played a key role in advancing Emeren’s strategic focus on high-margin growth and capital-efficient development. He will remain with the company through the end of April to ensure a smooth transition.

“Mr. Liu’s leadership has been instrumental in shaping Emeren’s transformation into the developer of solar and energy storage projects,” said Mr. Himanshu H. Shah, Chairman of the Board. “We are grateful for his many contributions and leadership on operational discipline.”

Reflecting on his time at Emeren, Mr. Liu said, “It has been a tremendous honor to lead Emeren over our phase of evolution strengthening both our presence and deepening our operational capabilities. I’m particularly proud to have contributed to refining our strategic focus, including the execution of our Development Service Agreement (DSA) and IPP segments. I leave with full confidence in the leadership team, and the exceptional people across Emeren.”

Ms. Julia Xu will assume the role of Interim CEO on May 1. A member of Emeren’s Board of Directors, Ms. Xu brings deep experience in the financial markets and international business leadership. She is the Founder and Managing Director of Oravida, a New Zealand-based group focused on premium food branding and cross-border market strategy. Earlier in her career, she served as Chief Financial Officer of Emeren Group Ltd, and held senior financial roles at Deutsche Bank Hong Kong, Bankers Trust, and Lehman Brothers.

“The Board is confident in Julia’s ability to lead the company during this transition,” said Mr. Himanshu H. Shah, “She brings strong operational insight and familiarity with our strategic priorities.” “I’m honored to step into this interim role at a critical time for Emeren,” said Ms. Xu. “Our focus remains on disciplined execution across our solar and energy storage segments.”

Emeren also formed a special committee which includes its three independent directors Martin Bloom, Ramnath Iyer and Ramki Srinivasan to evaluate a going private proposal received on March 17, 2025.

Preliminary Q1 2025 Results

Emeren is also releasing preliminary financial results for the first quarter of 2025. Based on currently available information, the company expects:

  • Revenue of approximately $8.4m
  • Gross margin of approximately 32%
  • Non-GAAP operating loss of about $4 million

Emeren expects to report final Q1 2025 results around mid-May.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

Bybit Launches ‘Foolproof Fortune’ Event with 100,000 USDT Prize Pool and a Chance to Win a Luxury Watch

DUBAI, UAE, March 28, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is turning up the excitement this April with the launch of Foolproof Fortune — a playful, high-stakes event where strategy meets spontaneity. Running from March 28 to April 10, 2025, the campaign offers participants the chance to win a total prize pool of 100,000 USDT, unlock exclusive mystery boxes, and even walk away with a brand-new luxury Rolex.

Bybit Launches ‘Foolproof Fortune’ Event with 100,000 USDT Prize Pool and a Chance to Win a Luxury Watch
Bybit Launches ‘Foolproof Fortune’ Event with 100,000 USDT Prize Pool and a Chance to Win a Luxury Watch

In the spirit of April Fools’, Foolproof Fortune pits calculated stability against bold volatility in a head-to-head community vote. Participants are invited to choose between two teams:

  • Team Strategic Reserve, featuring crypto heavyweights BTC, ETH, SOL, ADA, and XRP;
  • Team Wild, comprising a wide range of high-risk, hype-driven alternative coins.

Votes are earned by completing a series of tasks throughout the event, with each vote contributing to a team’s total tally. Participants may support a single team or split their votes between both — the team with the most votes at the end will claim up to 80,000 USDT from the prize pool, while the runner-up will receive up to 20,000 USDT.

Adding to the thrill, users can also unlock mystery boxes packed with surprise rewards — collectively worth up to 100,000 USDT. Each completed task brings a new opportunity to open these boxes, which will be distributed on a first-come, first-served basis.

“This campaign playfully reflects the contrasting strategies in the crypto world — some traders embrace resilience, while others thrive on volatility,” said Joan Han, Sales and Marketing Director at Bybit. “Foolproof Fortune celebrates both mindsets, ensuring our users enjoy the rewards no matter their approach.”

The results of Foolproof Fortune will be announced on April 10, 2025.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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

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China Automotive Systems Reports 12.9% Revenue Increase to Annual Record

–  Electric Power Steering (“EPS”) Sales Increased by 29.9% in 2024 –

WUHAN, China, March 28, 2025 /PRNewswire/ — China Automotive Systems, Inc. (NASDAQ: CAAS) (“CAAS” or the “Company”), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2024.

Fourth Quarter 2024 Highlights

  • Net sales increased by 18.6% year-over-year to $188.7 million
  • Gross profit was $29.5 million from $34.7 million.  Gross margin of 15.6% compared to 21.8% in the fourth quarter of 2023
  • Operating income was $8.7 million, compared with $13.6 million in the fourth quarter of 2023
  • Net income attributable to parent company’s common shareholders was $9.1 million, or diluted net income per share of $0.30, compared to net income of $10.9 million, or diluted net income per share of $0.36 in the fourth quarter of 2023.

Fiscal Year 2024 Highlights

  • Net sales increased by 12.9% to an annual record of $650.9 million compared to $576.4 million in 2023
  • Gross profit increased by 5.2% to $109.2 million compared to $103.8 million in 2023. Gross margin was 16.8% compared with 18.0% in 2023
  • Operating income increased by 2.6% to $40.3 million from $39.2 million in 2023
  • Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023
  • Total cash and cash equivalents, pledged cash and short-term investments were $129.4 million at year end
  • Net cash flow provided by operating activities was $9.8 million in 2024.

Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, “We had a solid year in 2024 with record annual revenue, continued profitable operations, positive cash flow from operations, provided a special cash dividend to reward shareholders and initiated a share repurchase program.”

“Despite modest economic growth in China, our traditional hydraulic steering products continued to grow in 2024 even as our more advanced electric power steering (“EPS”) achieved stronger growth of 29.9%.  EPS products comprised 38.9% of total sales in 2024, up from 33.8% a year ago.”

“Selling into multiple markets, we experienced a range of growth both domestically and internationally.  Our operations in Brazil reported modest growth while demand from North American weakened. Domestically, our steering product sales into the Chinese passenger vehicle market continued healthy.  Domestic steering product sales growth into the commercial vehicle market remains sluggish due to lower commercial vehicle sales in 2024.”

“We ended the 2024 year strongly as our highest quarterly revenues were in the fourth quarter. For 2024, our subsidiary, Jingzhou Henglong Auto Parts Manufacturing Co., Ltd. (“Jinzhou Henglong”) reported 2024 annual production and sales volume exceeded 5.0 million units, representing an 18.5% year-over-year growth.  We also announced in early 2025 that Jingzhou Henglong achieved a production and sales increase of 35% year-over-year in the fourth quarter of 2024, and reached a new single monthly record high sales and production in December 2024 of more than 620,000 units, a 46.7% year-over-year increase.  In addition, our subsidiary, Shashi Jiulong Power Steering Gears Co., Ltd (“Shashi Jiulong”), won customer awards and accolades from two major vehicle OEM customers, Beiqi Foton Motor Co., Ltd. and Shaanxi Automobile Heavy Truck. We remain encouraged as China has initiated a number of economic incentives to bolster economic growth and improve the automobile industry prospects,” Mr. Wu concluded.

Mr. Jie Li, Chief Financial Officer of CAAS, commented, “We remain in a strong financial position even after spending over $22.4 million in cash dividends, or $0.80 per share in cash, as well as spending money on share repurchases. Our total cash and cash equivalents, pledged cash and short-term investments reached $129.4 million at year end, or approximately $4.29 per share. Our current ratio was 1.3 on December 31, 2024.  We continue to have the resources to support our future growth.”

Fourth Quarter of 2024

In the fourth quarter of 2024, net sales increased by 18.6% to $188.7 million compared to $159.2 million in the same quarter of 2023.  The net sales increase was mainly due to a change in the product mix and higher demand for passenger automobiles and commercial vehicles in the fourth quarter of 2024 compared to the fourth quarter of 2023. 

Gross profit was $29.5 million in the fourth quarter of 2024, compared to $34.7 million in the fourth quarter of 2023.  Gross margin in the fourth quarter of 2024 was 15.6% compared to 21.8% in the fourth quarter of 2023, primarily due to a change in product mix.

Selling expenses were $4.8 million in the fourth quarter of 2024, compared with $4.6 million in the fourth quarter of 2023. Selling expenses represented 2.5% of net sales in the fourth quarter of 2024, compared to 2.9% in the fourth quarter of 2023.

General and administrative expenses (“G&A expenses”) were $9.7 million in the fourth quarter of 2024, compared to $9.4 million in the same period in 2023.  G&A expenses represented 5.1% of net sales in the fourth quarter of 2024, compared to 5.9% of net sales in the fourth quarter of 2023.

Research and development expenses (“R&D expenses”) were $7.8 million compared with $9.3 million in the fourth quarter of 2023.  R&D expenses represented 4.1% of net sales in the fourth quarter of 2024, compared to 5.9% in the fourth quarter of 2023, mainly due to a decrease in miscellaneous development expenses.  

Operating income was $8.7 million in the fourth quarter of 2024, compared to $13.6 million in the fourth quarter of 2023.  Lower gross profit in the 2024 fourth quarter compared with the same period last year was the main cause.

Interest expense was $1.1 million in the fourth quarter of 2024 compared with $0.3 million in the fourth quarter of 2023.

Financial income was $0.8 million in the fourth quarter of 2024 compared with $1.0 million in the fourth quarter of 2023.

Income before income tax expenses and equity in earnings of affiliated companies was $8.8 million in the fourth quarter of 2023 compared to $15.0 million in the fourth quarter of 2023.

Income tax benefit was $2.0 million in the fourth quarter of 2024, compared to income tax expense of $2.1 million in the fourth quarter of 2023.  

Net income attributable to parent company’s common shareholders was $9.1 million in the fourth quarter of 2024 compared to net income attributable to parent company’s common shareholders of $10.9 million in the fourth quarter of 2023. Diluted income per share was $0.30 in the fourth quarter of 2024, compared to diluted income per share of $0.36 in the fourth quarter of 2023.

The weighted average number of diluted common shares outstanding was 30,180,947 compared to 30,185,702 in the fourth quarter of 2023.

Fiscal Year 2024

Net sales increased by 12.9% to $650.9 million in 2024, compared to $576.4 million in 2023. This increase was mainly due to higher sales of passenger vehicles in China, as total sales of the Company’s EPS systems increased by 29.9% year-over-year and sales of the Henglong subsidiary’s steering systems to the Chinese passenger vehicle market increased by 20.0% year-over-year.  Brazil Henglong’s net sales grew by 5.7% year-over-year to $51.0 million in 2024. This growth partially offset a sales reduction by North American customers in 2024. EPS sales represented 38.9% of total revenue in 2024 compared to 33.8% in 2023. 

Gross profit in 2024 increased by 5.2% year-over-year to $109.2 million, compared to $103.8 million in 2023. The gross margin was 16.8% compared with 18.0% in 2023 mainly due to a change in our product mix and lower average selling prices for the year ended December 31, 2024. 

Net gain on other sales in 2023 was $4.3 million compared to $5.8 million in 2023 mainly due to lower material sales in 2024.

Selling expenses rose by 14.4% year-over-year to $17.9 million in 2024 from $15.6 million in 2023, mainly due to an increase in marketing and office expenses. Selling expenses represented 2.7% of net sales in 2024 and 2023.

G&A expenses increased by 8.7% year-over-year to $27.7 million in 2024, compared to $25.5 million in 2023. G&A expenses represented 4.3% of net sales in 2024, compared to 4.4% of net sales in 2023.  This expense increase was mainly due to higher office, property and other taxes and maintenance and repair expense.

R&D expenses were $27.6 million in 2024, compared to $29.2 million in 2023. Lower R&D expenses reflect less investment in traditional product upgrades and miscellaneous research expenses. R&D expenses were 4.2% of net sales in 2024, compared to 5.1% of net sales in 2023.

Operating income increased by 2.6% to $40.3 million in 2023, compared to $39.2 million in 2023. The increase in operating income was mainly due to a 5.2% increase in gross profit combined with a change in R&D expenses.  

Interest expense was $1.8 million in 2024, compared to $1.0 million in 2023, primarily due to an increase in bank loans in 2024 compared with 2023.  

Net financial expense was $0.09 million in 2024, compared to financial income of $4.7 million for 2023. This decrease in financial income of $4.8 million was primarily due to higher foreign exchange gains in 2023.

Income before income tax expenses and equity in earnings of affiliated companies was $44.1 million in 2024 compared with $48.2 million in 2023. The change was primarily due to lower operating income in 2024.  

Income tax expense was $5.9 million in 2024 compared to $5.1 million in 2023. This increase was mainly due to a valuation allowance reversal, and a one-time income tax expense settlement for subsidiaries in the PRC and the U.S. this year.

Net income attributable to parent company’s common shareholders was $30.0 million in 2024 compared to $37.7 million in 2023.  Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023.

The weighted average number of diluted common shares outstanding was 30,184,513 in 2024 compared with 30,189,421 in 2023.

Balance Sheet

As of December 31, 2024 total cash and cash equivalents, pledged cash and short-term investments were $129.4 million. Total accounts receivable including notes receivable were $343.5 million. Accounts payable including notes payable were $292.8 million and short-term bank loans were $72.6 million. Total parent company stockholders’ equity was $349.6 million as of December 31, 2024 compared to $344.5 million as of December 31, 2023. Net cash flow from operating activities was $9.8 million in 2024. Cash paid to acquire property, plant and equipment and land use rights was $43.7 million in 2024 and cash received from property, plant and equipment sales was $20.5 million.

Business Outlook

Management provides revenue guidance for the fiscal year 2025 of $700.0 million.  This target is based on the Company’s current views on operating and market conditions, which are subject to change.

Conference Call

Management will conduct a conference call on March 28, 2025 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management’s presentation.  To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the “China Automotive Systems” conference call with pin 826041:

Phone Number: +1-888-506-0062 (North America)
Phone Number: +1-973-528-0011 (International)
Mainland China Toll Free: +86-400-120-3199

A replay of the call will be available on the Company’s website under the investor relations section.

About China Automotive Systems, Inc.

Based in Hubei Province, the People’s Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company’s actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2025, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For further information, please contact:

Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn 

Kevin Theiss
Investor Relations
+1-212-510-8922
Email: Kevin@awakenlab.com 

 

-Tables Follow –

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands of USD, except share and per share amounts)

December 31, 

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

56,961

$

114,660

Pledged cash

44,863

40,534

Short-term investments

27,563

11,084

Accounts and notes receivable, net – unrelated parties (Allowance for credit losses of $11,783 and $15,599, respectively)

329,275

261,237

Accounts and notes receivable, net – related parties (Allowance for credit losses of $1,463 and $1,404, respectively)

14,224

8,169

Advance payments and others, net – unrelated parties (Allowance for credit losses of $34 and $22, respectively)

10,838

14,008

Advance payments and others – related parties

2,202

1,991

Inventories

112,558

112,392

Other assets

4,154

Total current assets

602,638

564,075

Non-current assets:

Property, plant and equipment, net

103,820

101,359

Land use rights, net

8,835

9,233

Intangible assets, net

3,417

3,865

Operating lease assets

94

278

Long-term time deposits

40,057

8,647

Other receivables, net (Allowance for credit losses of $56 and $49, respectively)

452

598

Advance payment for property, plant and equipment – unrelated parties

2,414

3,554

Advance payment for property, plant and equipment – related parties

6,570

5,759

Other non-current assets

3,202

Long-term investments

64,332

60,173

Deferred tax assets

14,748

8,899

Total assets

$

850,579

$

766,440

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term bank loans

$

72,566

$

48,005

Accounts and notes payable – unrelated parties

281,065

240,739

Accounts and notes payable – related parties

11,743

12,839

Customer deposits

4,447

8,633

Accrued payroll and related costs

12,063

11,282

Accrued expenses and other payables

59,238

44,771

Taxes payable

15,308

17,267

Operating lease liabilities – current portion

52

203

Total current liabilities

456,482

383,739

Long-term liabilities:

Advances payable

278

282

Operating lease liabilities – non-current portion

52

Long-term loans

145

1,221

Deferred tax liabilities

3,885

3,943

Long-term taxes payable

8,781

Total liabilities

460,790

398,018

Commitments and Contingencies

Mezzanine equity:

Redeemable non-controlling interests

613

Stockholders’ Equity

Common stock, $0.0001 par value – Authorized – 80,000,000 shares Issued – 32,338,302 and 32,338,302 shares at December 31, 2024 and 2023, respectively

3

3

Additional paid-in capital

69,656

63,731

Retained earnings-

Appropriated

12,180

11,851

Unappropriated

290,273

284,832

Accumulated other comprehensive income

(14,780)

(8,258)

Treasury stock – 2,167,600 and 2,152,600 shares at December 31, 2024 and 2023, respectively

(7,763)

(7,695)

Total parent company stockholders’ equity

349,569

344,464

Non-controlling interests

40,220

23,345

Total stockholders’ equity

389,789

367,809

Total liabilities, mezzanine equity and stockholders’ equity

$

850,579

$

766,440

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Income or Loss

(In thousands of USD, except share and per share amounts)

Year Ended December 31, 

2024

2023

Net product sales ($48,860 and $47,514 sold to related parties for the years ended
   December 31, 2024 and 2023)

$

650,935

$

576,354

Cost of products sold ($30,088 and $27,288 purchased from related parties for the years ended
   December 31, 2024 and 2023)

541,751

472,603

     Gross profit

109,184

103,751

Net gain on other sales

4,303

5,788

Operating expenses:

Selling expenses

17,855

15,610

General and administrative expenses

27,728

25,503

Research and development expenses

27,649

29,181

Total operating expenses

73,232

70,294

     Operating income

40,255

39,245

Other income, net

5,776

5,345

Interest expense

(1,813)

(1,021)

Financial (expense)/income, net

(87)

4,666

Income before income tax expenses and equity in earnings of affiliated companies

44,131

48,235

Less: Income taxes

5,892

5,137

Add: Equity in loss of affiliated companies

(340)

(360)

Net income

37,899

42,738

Net income attributable to non-controlling interest

7,897

5,050

Accretion to redemption value of redeemable non-controlling interests

(23)

(30)

     Net income attributable to parent company’s common shareholders

29,979

37,658

Net income attributable to parent company’s common shareholders per share –

Basic

$

0.99

$

1.25

Diluted

$

0.99

$

1.25

Weighted average number of common shares outstanding –

Basic

30,184,513

30,185,702

Diluted

30,184,513

30,189,421

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income or Loss

(In thousands of USD unless otherwise indicated)

Year Ended December 31,

2024

2023

Net income

37,899

42,738

Other comprehensive income:

Foreign currency translation loss

(7,123)

(5,191)

Comprehensive income

30,776

37,547

Comprehensive income attributable to non-controlling interest

7,296

4,704

Accretion to redemption value of redeemable non-controlling interest

(23)

(30)

Comprehensive income attributable to parent company

$

23,457

$

32,813

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(In thousands of USD, except share and per share amounts)

2024

2023

Common Stock

Balance at January 1, 2024 and 2023 – 32,338,302 and 32,338,302 shares, respectively

$

3

$

3

Balance at December 31, 2024 and 2023 – 32,338,302 and 32,338,302 shares, respectively

$

3

$

3

Additional Paid-in Capital

Balance at January 1

$

63,731

$

63,731

Change in non-controlling shareholder’s interest in the Brazil Henglong

(66)

Contribution by the non-controlling interest of Henglong KYB

5,991

Balance at December 31

$

69,656

$

63,731

Retained Earnings – Appropriated

Balance at January 1

$

11,851

$

11,851

Appropriation of retained earnings

329

Balance at December 31

$

12,180

$

11,851

Unappropriated

Balance at January 1

$

284,832

$

247,174

Net income attributable to parent company

30,002

37,688

Accretion of redeemable non-controlling interests

(23)

(30)

Appropriation of retained earnings

(329)

Dividend payables to common shareholders

(24,149)

Dividend payables to non-controlling interests

(60)

Balance at December 31

$

290,273

$

284,832

Accumulated Other Comprehensive Loss

Balance at January 1

$

(8,258)

$

(3,413)

Net foreign currency translation adjustment attributable to parent company

(6,522)

(4,845)

Balance at December 31

$

(14,780)

$

(8,258)

Treasury Stock

Balance at January 1, 2024 and 2023 –2,152,600 and 2,152,600 shares, respectively

$

(7,695)

$

(7,695)

Repurchase of common stock in 2024 and 2023 –15,000 and nil shares, respectively

(68)

Balance at December 31, 2024and 2023 – 2,167,600 and 2,152,600 shares, respectively

$

(7,763)

$

(7,695)

Total parent company stockholders’ equity

$

349,569

$

344,464

Non-controlling Interest

Balance at January 1

$

23,345

$

15,182

Net foreign currency translation adjustment attributable to non-controlling interest

(601)

(346)

Net income attributable to non-controlling interest

7,897

5,050

Change in non-controlling shareholder’s interest in the Brazil Henglong

66

Contribution by non-controlling shareholder of Henglong KYB

9,513

Contribution by non-controlling shareholder of Wuhan Hyoseong

3,459

Balance at December 31

$

40,220

$

23,345

Total stockholders’ equity

$

389,789

$

367,809

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands of USD unless otherwise indicated)

Year Ended December 31, 

2024

2023

Cash flows from operating activities:

Net income

$

37,899

$

42,738

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

20,224

18,708

Deferred income taxes

(6,036)

(1,319)

Reversal of credit losses

(953)

1,564

Equity in loss of affiliates

340

360

Impairment loss on property, plant and equipment

886

794

Loss/(gain) on disposal of fixed assets

1,300

(3)

(Increase)/decrease in:

Other assets and other non-current assets

(7,356)

Accounts and notes receivable

(77,692)

(50,699)

Advance payments and others

1,540

(3,881)

Inventories

(1,791)

(1,654)

Other receivables

138

(556)

Increase/(decrease) in:

Accounts and notes payable

40,391

22,024

Customer deposits

(4,097)

3,091

Accrued payroll and related costs

956

77

Accrued expenses and other payables

13,275

(2,667)

Taxes payable

(10,457)

(6,835)

Advances payable

1,209

(1,836)

     Net cash provided by operating activities

9,776

19,906

Cash flows from investing activities:

Purchase of short-term investments and long-term time deposits

(77,859)

(68,550)

Proceeds from maturities of short-term investments

29,442

63,240

Cash received from property, plant and equipment sales

20,510

2,790

Cash paid to acquire property, plant and equipment and land use right (including $6,343 and
   $5,336 paid to related parties for the years ended December 31, 2024 and 2023, respectively)

(43,656)

(18,235)

Cash paid to acquire intangible assets

(804)

(3,445)

Cash received from long-term investment

316

3,292

Investment under equity method

(5,880)

(7,729)

     Net cash used in investing activities

(77,931)

(28,637)

Cash flows from financing activities:

Proceeds from bank loans

83,357

64,776

Repayment of bank loans and loans

(58,995)

(61,437)

Dividends paid to the common shareholders

(22,433)

Repurchase of common shares

(68)

Cash received from capital contributions by a non-controlling interest holder

15,504

3,459

     Net cash provided by financing activities

17,365

6,798

Cash and cash equivalents affected by foreign currency

(2,580)

(1,824)

Net decrease in cash, cash equivalents and pledged cash

(53,370)

(3,757)

Cash, cash equivalents and pledged cash at beginning of year

155,194

158,951

     Cash, cash equivalents and pledged cash at end of year

$

101,824

$

155,194

 

O-RAN ALLIANCE Advances Open and AI-Driven RAN Standardization by Setting Priorities for Scaled Deployments and Collaboration towards 6G

  • O-RAN ALLIANCE operator members shared deployment experiences aligning on key near-term priorities to further accelerate O-RAN deployments worldwide
  • O-RAN ALLIANCE continues laying the foundation for AI adoption in RAN
  • O-RAN ALLIANCE is working with 3GPP to coordinate efforts towards a unified vision for 6G
  • These directions, and more, were covered in the O-RAN ALLIANCE Summit at MWC Barcelona 2025 – watch session recordings!

BONN, Germany, March 28, 2025 /PRNewswire/ — At the recent O-RAN ALLIANCE Summit at MWC Barcelona 2025, the O-RAN ALLIANCE (O-RAN) highlighted substantial progress made throughout 2024 and near-term priorities for its future efforts.

 

Video banner: Watch recordings from O-RAN ALLIANCE Summit at MWC 2025

Abdu Mudesir, Chair of the Board of O-RAN ALLIANCE and Group CTO, Deutsche Telekom said: “O-RAN ALLIANCE continues to uphold its core mission, ensuring that openness fosters interoperability and innovation to drive vendor diversity and competition, intelligence integrates AI to enhance network efficiency and management, and virtualization enables flexible, cloud-based RAN deployments for scalability and cost efficiency.”

O-RAN ALLIANCE operator members shared deployment experience aligning on key near-term priorities for implementation specifications, which are pivotal for scaling O-RAN deployments worldwide. These include:

  • High-performance, interoperable open fronthaul to enable efficient massive MIMO operations
  • Advanced AI-driven network management and control through a mature RAN Intelligent Controller (RIC) and a decoupled Service Management and Orchestration (SMO)
  • Enhanced security, with an expanded security assurance program and the adoption of Zero Trust Architecture (ZTA) to safeguard O-RAN ecosystems

Intelligence, along with openness and virtualization, has been a sustained key goal of the O-RAN ALLIANCE. AI support was embedded into O-RAN Architecture from the beginning, including support for hierarchical RICs and open interfaces enabling intelligent RAN management and control. Throughout 2024, O-RAN ALLIANCE continued laying the foundation for AI adoption in RAN to address the priorities expressed by operators. Notable advancements include:

  • RIC-enabled energy saving and massive MIMO optimization
  • RAN Information Exposure (RAIE) framework, enabling third parties to optimize their own innovative applications based on O-RAN network status information
  • Enabling AI/ML life cycle and data management with the decoupled SMO and R1 interface

Standardization and government institutions, ATIS (North America), ETSI (Europe), Ministry of Internal Affairs and Communications (Japan) and TTA (Republic of Korea) described their regional approaches to support open RAN. Adopting O-RAN ALLIANCE specifications into national standards ensures world-wide alignment and avoids fragmentation. Funding initiatives support open and intelligent RAN R&D and trials, boosting private sector innovation.

O-RAN supports vertical industries—such as healthcare, manufacturing, transportation, and more—by providing a flexible, intelligent, and open network architecture that can be customized to meet the specific needs of various sectors. Industries’ interest is centered on intelligent RAN for custom network behavior. O-RAN-based solutions enabled specialized high-performance uplink connectivity for events like Paris Olympics in 2024. Open principles pave the way for expansion of terrestrial RAN into satellite coverage solutions.

As the telecom industry progresses towards 6G, the O-RAN ALLIANCE is working with 3GPP to coordinate efforts towards a unified vision for 6G, building on 3GPP’s architecture evolution. This collaboration aims to ensure a seamless integration of O-RAN ALLIANCE’s open and intelligent RAN solutions with the broader 6G ecosystem, ensuring that the specifications and standards are consistent and complementary.

About the O-RAN ALLIANCE Summit at MWC Barcelona 2025
These directions, and more, were covered in the O-RAN ALLIANCE Summit at MWC Barcelona 2025. The Summit provided a comprehensive update on the state of O-RAN, sharing insights on operational experience, regional views on open RAN initiatives, and applications in key industry verticals. The Summit explored the future evolution of 3GPP and O-RAN ALLIANCE architectures towards 6G.

The Summit featured 24 distinguished speakers across six sessions:

Watch the O-RAN ALLIANCE Summit session recordings to learn more.

About O-RAN ALLIANCE
The O-RAN ALLIANCE is a world-wide community of mobile operators, vendors, and research & academic institutions operating in the Radio Access Network (RAN) industry. As the RAN is an essential part of any mobile network, the O-RAN ALLIANCE’s mission is to re-shape the industry towards more intelligent, open, virtualized and fully interoperable mobile networks. The new O-RAN specifications enable a more competitive and vibrant RAN supplier ecosystem with faster innovation to improve user experience. O-RAN based mobile networks at the same time improve the efficiency of RAN deployments as well as operations by mobile operators. To achieve this, the O-RAN ALLIANCE publishes new RAN specifications, releases open software for the RAN, and supports its members in integration and testing of their implementations.

For more information, please visit www.o-ran.org.

 

Li Ning Company Limited Announces 2024 Annual Results

Strengthen the “Single Brand, Multi-Categories, Diversified Channels” Strategy | Solidify Brand and Product Competitiveness, Ensure Steady Operations, and Achieve Pragmatic Growth

HONG KONG SAR – Media OutReach Newswire – 28 March 2025 – Li Ning Company Limited (the “Company” or “Li Ning Company”; together with the subsidiaries, collectively, the “Group”; stock codes: 2331 (HKD counter) and 82331 (RMB counter)) announces today its 2024 annual results for the year ended 31 December 2024 (the “Year”).

Financial Results

In 2024, the Group’s annual performance was generally in line with expectations, a result of robust operational resilience and effective strategic execution. During the Year, the Group’s revenue amounted to RMB28,676 million, representing an increase of 3.9% as compared to that of 2023 (2023: RMB27,598 million). Gross profit amounted to RMB14,156 million, representing an increase of 6.0% compared to that of 2023(2023: RMB13,352 million). The overall gross profit margin increased by one percentage point to 49.4%(2023: 48.4%).

During the year, the net profit attributable to equity holders was RMB3,013 million (2023: RMB3,187 million). The margin of net profit attributable to equity holders was 10.5% (2023: 11.5%). Return on equity attributable to equity holders was 11.9% (2023: 13.1%). Basic earnings per share was RMB116.98 cents (2023: RMB123.21 cents). The Board has recommended the payment of final dividend of RMB20.73 cents per ordinary share for the year ended 31 December 2024, together with the interim dividend of RMB37.75 cents per ordinary share paid in September 2024, the total dividend for the year ended 31 December 2024 will amount to RMB58.48 cents per ordinary share or a total dividend payout ratio of 50%(2023: 45%).

In terms of cash flow management, the Group’s net cash generated from operating activities during the year amounted to RMB5,268 million (2023: RMB4,688 million). As at 31 December 2024, cash and cash equivalents (including cash at banks and in hand, and fixed term deposits with original maturity of no more than three months) amounted to RMB7,499 million, representing an increase of RMB2,055 million, as compared with the position as at 31 December 2023. Adding back the amount recorded as fixed-term deposits held at banks, cash balance amounted to RMB18,141 million, which represented a net increase of RMB166 million as compared to 31 December 2023. During the year, the Group maintained a healthy level of operating capital, and the net cash generated from operating activities increased compared to the previous year. The Company will continue to prudently assess its capital plan in light of market conditions and capital requirements to ensure maximum efficiency in the use of capital and to support its long-term development objectives.

Operational Summary

During the Year, the Group maintained its focus on the core strategy of “Single Brand, Multi-categories, Diversified Channels” to enhance product strength through continuous research and development and technological innovation. Furthermore, the Group made significant progress across various aspects of its business including product innovation, brand building, and channel optimization.

In 2024, the Group made multi-dimensional breakthroughs in the research and development of technologies. During the Year, the Group launched the new midsole technology “Super BOOM”(超䨻), which is not only lighter and more elastic but also boasts an exceptional elasticity-to-weight ratio, representing the pinnacle of performance for supercritical foaming materials. The BOOM technology platform has achieved four application breakthroughs within six years, evolving from a “single technology” to “four major technologies”. This progression demonstrates the Group’s commitment to exploring materials and manufacturing processes and exceptional ability to deploy and broaden their application, further enhancing its ability to diversify product offerings and iterate product lines.

In respect of branding and marketing, the Group continued to focus on the six core categories of running, basketball, training, badminton, table tennis, and sports casual. It also actively explored emerging sports and subcategories, such as outdoor sports, golf, tennis and pickleball. The Group leveraged technological innovation capabilities to drive product upgrades underpinned by three key pillars: solidifying a professional sports mindset, showcasing sports fashion aesthetics, and inheriting Chinese cultural values. Moreover, it proactively sought to strengthen its differentiated brand advantages and enhance brand influence through diversified and comprehensive marketing campaigns. Capitalizing on the market opportunities presented by a year distinguished major sporting events, the Group delved into the essence of its brand spirit and gained insights into the younger generation’s attitudes towards sports. Through these efforts, it articulated the brand spirit of “Dare to Imagine, Create Excellence, Anything is Possible”(敢於想像,創造精彩,一切皆有可能) and launched the “In My Name”(以我為名)-themed marketing campaign, aiming to solidify LI-NING’s professional image and establish a deeper emotional connection with consumers.

In respect of channel, the Group consolidated and enhanced operational efficiency for high-end markets and accelerate expansion into emerging markets. In the high-end markets, the Group focused on improving the efficiency of single store sales through a series of refined management processes and the orderly closure of stores with substantial losses to make the channel layout more reasonable, effectively enhancing overall channel efficiency. At the same time, the Group actively expanded its presence in emerging markets. Diversified sales strategies and flexible market response capabilities enable the Group to gradually expand its market share in emerging markets. As of 31 December 2024, the number of conventional stores, flagship stores, China LI-NING stores, factory outlets and multi-brand stores under the LI-NING brand (including LI-NING Core Brand and LI-NING YOUNG) amounted to 7,585, representing a net decrease of 83 POS as compared to 31 December 2023. The number of distributors was 41 (including sales channels of China LI-NING stores), representing a net decrease of 5 as compared to 31 December 2023.

In terms of retail operations, the Group intensified efforts to promote a single-store operational model with solid profit and efficiency. It established standard profit and loss models for stores at all levels, standardizing and quantifying core store metrics to link them with management objectives across departments. This formed an efficient and coordinated management system, contributing to improved overall operational efficiency. The Group also strengthened the synergies between inventory and sales planning for single-stores and was committed to achieving improvements in both operational efficiency and supply chain management, ensuring efficient and accurate resource allocation and profitability.

In terms of new retail business, the Group continued to deepen the construction of its new retail business system, focusing on enhancing digitalization and all-channel operational capabilities. The aim is to efficiently convert private traffic and steadily improve sales performance. The Group actively explored diversified business models such as acquiring traffic through popular social media platforms like Douyin (抖音) and collaborating online with core channels to broaden sales, increase the proportion of out-of-store sales, and empower stores with new retail capabilities.

In terms of e-commerce operations, facing intensified market competition and a sluggish consumption environment, the Group continued to deepen e-commerce reform and strengthened its core competitiveness in the e-commerce sector across the board through online and offline interaction, diversified marketing campaigns, and precise capture of major sales promotions.

In terms of supply chain, the Group focused on exploring and matching high-quality supply chain resources, gradually improving the supplier matrix for high-end and outdoor products to ensure precise alignment between products and supply chain resources. The Group also implemented a flexible supply chain strategy to closely monitor market demand. Initiatives to refine management and analyse digital information support interoperability and transparency, improve the level of automation, and significantly enhance inventory efficiency along the supply chain. While flexibly responding to market changes, the Group strived to achieve dual improvements in production efficiency and economic benefits.

In 2024, the Group made remarkable achievements in logistics. Four major regional logistics centres across the country underwent comprehensive automation upgrades and began operations. The Nanning central warehouse is set to begin operations in 2025, which will improve delivery efficiency and logistics and warehousing operational capabilities in the southwest of the country. The Group is also proactively promoting refined logistics plan management across its divisions. Through the optimization of digital tools, the Group catered to the specific needs of its sales teams, improved the efficiency of goods distribution, and reduced logistics costs.

In terms of kidswear business, LI-NING YOUNG refined its youth product offerings, leveraging the core competitiveness of its clothing and accessories, while actively expanded into emerging markets, improved single-store efficiency, strengthened construction of clearance channels, promoted product distribution, and expanded the customer base. In terms of retail operations, LI-NING YOUNG continued to enhance operational efficiency and actively acquire and convert customers. Meanwhile, the Group actively built a community marketing system to strengthen member interaction and provide exclusive benefits to strengthen member loyalty and sales conversion rates. In terms of marketing, LI-NING YOUNG planned a series of offline youth activities and cross-border collaborations, focusing on popular sports including basketball, football, running and outdoor activities to showcase the brand’s diverse appeal. Meanwhile, LI-NING YOUNG leveraged social media platforms, ensuring that its messaging reaches target audiences, drives engagement, and reinforces the concept of being a “professional youth sports brand”. As at 31 December 2024, the total number of LI-NING YOUNG POS amounted to 1,468, representing a net increase of 40 POS since 31 December 2023.

Outlook

Looking ahead, the Group will continue to fulfil its commitments by focusing on its core strategy of “Single Brand, Multi-categories, Diversified Channels”, and ensure its effective implementation by strengthening operational systems and consolidating foundational support.

1. Strengthen the implementation of core strategies. By maintaining the healthy development of its core businesses, the Group will further integrate resources and leverage the LI-NING technology platform to further improve its professional product offerings in subcategories such as running, basketball, training, badminton, table tennis and sports casual. It will also deepen the fusion of the sporting spirit and its brand to enhance its competitiveness and influence in core business areas. Meanwhile, in addition to active efforts to optimize its product structure, the Group will expand diversified dressing scenarios with a commitment to the single-brand strategy, deeply integrate sports fashion culture, and launch sports products that combine technology and fashion. In addition, it will take the lead in laying out new pathways for sports consumption, especially in the markets for women, outdoor and youth, striving to achieve breakthrough progress in these emerging fields and drive diversified business expansion. Moreover, the Group is committed to expanding its presence in all target markets, with the aim to create business opportunities in each channel, continuously enhance brand influence, and drive sustained business growth.

2. Optimize operational efficiency. The Group will focus on boosting operational efficiency to ensure the effective implementation of its “Single Brand, Multi-categories, Diversified Channels” strategy. Deepened cross-departmental collaboration and streamlined business processes will empower the Group with efficient product management operations and allchannel integration and supply chain collaboration. Meanwhile, the Group will adopt refined management practices and strictly control costs and benefits, to ensure optimal allocation of resources. At the organizational level, the Group will endeavour to streamline management levels, optimize talent structure, cultivate efficient teams, and promote collaboration among organizations, in order to accelerate the decision-making process, enhance execution, and build a flexible and efficient operational structure.

3. Reinforce underlying support. In terms of underlying support, the Group will ensure sound operations of its financial systems, strengthen fund management and optimize capital structure, and improve financial transparency in a way that provides a solid financial foundation for long-term development. At the same time, the Group will deepen the integration of digital and smart tools by applying digital and intelligent technologies to make more scientific business decisions and adapt with agility to market changes. Through data analysis, artificial intelligence and automation tools, the Group will enhance its insight into market trends and understanding of consumer behaviour, thereby driving innovation in products and services and providing strong support for sustained development.

Mr. Li Ning, Executive Chairman and Joint CEO of the Group, concluded, “Looking ahead to 2025, with strong policy support, consumer spending has the potential to grow decently in China. As a company with long-term roots in China market and a focus on professional products for sports, we are confident in our future development and will seize this opportunity to drive high-quality growth.

Notably, LI-NING will once again partner with the Chinese Olympic Committee and the Chinese Sports Delegation from 2025 to 2028, which underscores the full trust and responsibility bestowed by the General Administration of Sport of China and the Chinese Olympic Committee and the high recognition of the Group’s professionalism and innovation. By adhering to its core value of ‘serving the public with sportsmanship’, LI-NING is committed to becoming the most prominent and stylish sports brand from China and the preferred sports brand of Chinese consumers.”
Hashtag: #LiNing #Sportswear

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

About Li Ning Company Limited

Li Ning Company Limited is one of the leading sports brand companies in China, mainly operating professional and leisure footwear, apparel, equipment and accessories under the LI-NING brand. The Group has comprehensive research and development, design, manufacturing, marketing, distribution and retail management capabilities. It has established an extensive retail distribution network and supply chain management system in China. We are committed to be the most prominent, stylish, world-leading sports brand from China.

In addition to its core LI-NING brand, the Group also manufactures, develops, markets, distributes, sells various sports products which are self-owned by or licensed to the Group, including Double Happiness (table tennis), AIGLE (outdoor sports) and Kason (badminton), which are operated through joint venture/associate with third parties of the Group.

Ultima Markets Unveils AI-Enhanced MT5 Platform, Combining Cutting-Edge Technology with a Trader-First Experience

EBENE, Mauritius, March 28, 2025 /PRNewswire/ — Ultima Markets has launched its MetaTrader 5 (MT5) platform, integrating AI-driven tools to enhance execution, risk management, and trading automation. Developed with a trader-first philosophy and powered by top-tier global infrastructure, the new platform delivers a smarter, more responsive trading experience across global markets.

Ultima Markets MT5 features AI-powered tools for risk management which monitors market conditions in real time, assesses market trends, and provides traders with deeper insights. AI-enhanced Expert Advisors (EAs) also enable automated strategies that continuously adapt to changing conditions.

Powered by a world-class trading infrastructure, Ultima Markets MT5 is optimised for forex, share CFDs and futures trading, while offering speed, stability, and precision. The platform enables advanced charting with 80+ built-in indicators and 21 timeframes for refined strategies and flexible order execution with multiple order types and hedging options for complete control.

“Ultima Markets MT5 represents a step forward in delivering a more sophisticated and efficient trading environment,” said Jack Li, Regional Business Director at Ultima Markets. “Our technology reflects global best standards, but more importantly, every feature is designed with the trader in mind. From execution to education, our priority is helping all traders – from the novice to the expert – to succeed.”

To support users, Ultima Markets is offering educational webinars, platform tutorials, and dedicated guidance including Academy. Robust security measures ensure a safe and transparent trading experience. The firm is also cultivating a trading community to encourage collaboration and continuous improvement.

Ultima Markets MT5 is now live and available to traders worldwide. Click here for more information. Download it now for PC, Web, or Ultima Markets Mobile app.

About Ultima Markets

Ultima Markets is a licensed multi-asset broker offering access to over 250 CFD instruments, including Forex, Commodities, Indices, and Shares. The platform serves traders in 170+ countries and regions, with a focus on reliable execution and client-first service.

Ultima Markets has earned accolades like Best Affiliates Brokerage at the Global Forex Awards and Best APAC CFD Broker at Traders Fair 2024. As the first CFD broker in the United Nations Global Compact, it champions sustainability and ethical finance. Ultima Markets is a member of The Financial Commission, it offers eligible clients insurance protection up to US$1,000,000 per account via Willis Towers Watson.

To learn more about Ultima Markets, please visit our website, Facebook, X, Instagram, LinkedIn and YouTube.

Kerry Logistics Network Posts 95% Growth in Profit Attributable to the Shareholders

Growth in Revenue and Core Net Profit Outperforms the Market

HONG KONG, March 28, 2025 /PRNewswire/ — Kerry Logistics Network Limited (‘KLN’, the ‘Company’ or together with its subsidiaries, the ‘Group’; Stock Code 0636.HK) today announced the Group’s annual results for 2024.

Group’s Financial Highlights

  • Revenue* grew by 23% to HK$58,274 million (2023: HK$47,408 million)
  • Core operating profit* increased by 23% to HK$2,725 million (2023: HK$2,207 million)
  • Core net profit* increased by 12% to HK$1,357 million (2023: HK$1,214 million)
  • Profit attributable to the Shareholders was HK$1,542 million, which represents a growth of 95% (2023: HK$791 million)
  • Integrated Logistics (‘IL’) business recorded a segment profit* of HK$1,251 million (2023: HK$1,289 million), which represents a decrease of 3%
  • International Freight Forwarding (‘IFF’) business recorded a segment profit* of HK$1,950 million (2023: HK$1,400 million), which represents a growth of 39%
  • Proposed final dividend of 15 HK cents per Share to be payable on or around Tuesday, 10 June 2025.

* For continuing operations only

Vic Cheung, Executive Director and Chief Executive Officer of KLN, said, “In 2024, the global economy underwent a slow recovery. Yet, challenges abounded in the macroeconomic environment. KLN responded to these evolving markets with agility, leveraging our network resources and offering flexible and cost-effective solutions to its customers. The Group’s resilience was fully demonstrated by our 2024 results. KLN recorded double-digit growth across both revenue and core net profit for the year, outperforming our international peers. We are also excited to announce our global rebranding campaign from ‘Kerry Logistics Network’ to ‘KLN’, now an established household name that our customers have grown accustomed to and trust, which will usher in a new era of the Group’s development.”

Integrated Logistics

The Group’s IL business reported a 3% drop in segment profit due to the impact of the changes in the external environment and in the domestic consumption patterns on key markets, Hong Kong and the Mainland of China. Undeterred by a difficult operating environment in the two markets, KLN successfully narrowed the decline in segment profit by capitalising on the growth in other Asian markets and implementing a series of cost optimisation measures to reduce operational expenses, including streamlining processes and human resources utilisation.

The Hong Kong IL business recorded a 12% drop in segment profit as a result of the domestic economic downturn and changes in the consumption patterns of visitors and local citizens. In the Mainland of China, the IL business recording an 11% drop in segment profit.

The IL business in the rest of Asia registered a 25% increase benefitting from the growth in India, Singapore and Vietnam and driven by the stable performance of Kerry Siam Seaport in Thailand. Building on its extensive network and diversified business portfolio in Southeast Asia, KLN capitalised on the opportunities arising from the international expansion policies of Chinese corporations in 2024.

International Freight Forwarding

The Group’s IFF business recorded a 39% growth in 2024, supported by the growth in key markets including the Mainland of China, the US, Hong Kong and the rest of Asia.

The Red Sea situation triggered a spike in ocean freight rates which began in May 2024, while the ocean freight market experienced a supply shortage in 2024 Q3, which KLN fully capitalised on by providing customers with the rare offering of block space. KLN focused on serving key customers and successfully improved its segment profit, while maintaining its top position globally as the leading NVOCC in the Asia-US trade lane.

In 2024, KLN’s industrial project logistics division strengthened its service capabilities and contributed revenue of over HK$1.7 billion to the Group. The segment is expected to become another growth driver for the Group in the coming years.

The joint venture between the Group and S.F. Holding commenced operations in November 2023 to provide ground handling services at the international cargo terminal of the Ezhou Airport in China. In 2024, the joint venture recorded a revenue contribution of more than HK$200 million in its first year, significantly exceeding expectations.

Rebranding to ‘KLN’

The Group is undertaking the rebranding of ‘Kerry Logistics Network’ to ‘KLN’. The rebranding exercise presents a valuable opportunity for the Company to further establish a more unified and differentiated corporate identity and reinforce its own unique strategic positioning and value proposition to better serve the interests of its shareholders. The Group is to phase out the use of the Kerry trademarks and ‘Kerry’ as part of the company name by 30 June 2025.

Vic Cheung concluded, “We expect supply chain anomalies to persist in 2025. The volatile policy environment will induce more corporations to shift their investment focus towards the Southeast Asian or South Asian regions. The development potential within these regions is expected to become a growth area for KLN’s IL business. We will also actively leverage our existing diversified market presence, including our extensive overseas warehouse network and ocean and air freight services, to capitalise on new opportunities springing from the supply chain reshuffle. With KLN’s unique competitive advantages and the ability to capitalise on new opportunities brought about by the changes in the market, we will further drive the overall growth of our business, and have our future growth potential reflected in the Company’s market valuation under the KLN brand.”

-End-

About Kerry Logistics Network Limited (Stock Code 0636.HK)

KLN is an Asia-based, global 3PL with a highly diversified business portfolio and extensive coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal) and e-commerce to industrial project logistics and infrastructure investment.

With a global presence across 59 countries and territories, KLN has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.

KLN generated a revenue* of close to HK$60 billion in 2024. It is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng Corporate Sustainability Benchmark Index.

* For continuing operations only