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LEAD Intelligent Releases 2025 Annual ESG Report

Intelligent Manufacturing for Green Growth

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

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

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

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

Intelligence for Green

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

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

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

People-Centered Philosophy

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

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

Governance Foundation

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

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

Innovation-Driven Development

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

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

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

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

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

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

TENCENT ANNOUNCES 2026 FIRST QUARTER RESULTS

Significant Progress in Hy Capabilities and Productivity AI Agents 

Utilising AI to Grow Existing Core Businesses

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

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

1Q2026 Financial Highlights

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

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

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

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

1Q2026 Management Discussion and Analysis

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

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

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

Operating Metrics

As at

31 March

2026

As at

31 March

2025

Year-

on-year

change

As at

31 December

2025

Quarter-
on-quarter

change

(in millions, unless specified)

Combined MAU of Weixin              

and WeChat

1,432

1,402

2 %

1,418

1 %

Mobile device MAU of QQ                                     

516

534

-3 %

508

2 %

Fee-based VAS subscriptions[3]

266

268

-0.7 %

267

-0.4 %

1Q2026 Business Review and Outlook

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

[3] Average daily number of subscriptions during the quarter

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

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

About Tencent

Tencent uses technology to enrich the lives of Internet users.

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

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

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

Non-IFRS Financial Measures

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

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

Forward-Looking Statements

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

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT 

RMB in millions, unless specified

Unaudited

1Q2026

1Q2025

4Q2025

Revenues

196,458

180,022

194,371

VAS

96,110

92,133

89,920

Marketing Services

38,171

31,853

41,116

FinTech and Business Services

59,885

54,907

60,818

Others

2,292

1,129

2,517

Cost of revenues

(85,193)

(79,529)

(86,082)

Gross profit

111,265

100,493

108,289

Gross margin

57 %

56 %

56 %

Selling and marketing expenses

(11,343)

(7,866)

(12,983)

General and administrative expenses

(33,800)

(33,664)

(36,283)

Other gains/(losses), net

1,253

(1,397)

1,315

Operating profit

67,375

57,566

60,338

Operating margin

34 %

32 %

31 %

Net gains/(losses) from investments and others

1,928

1,407

3,303

Interest income

4,025

3,748

4,784

Finance costs

(2,979)

(3,860)

(3,573)

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

3,620

4,581

6,832

Profit before income tax

73,969

63,442

71,684

Income tax expense

(14,577)

(13,717)

(12,595)

Profit for the period

59,392

49,725

59,089

Attributable to:

    Equity holders of the Company

58,093

47,821

58,260

    Non-controlling interests

1,299

1,904

829

Non-IFRS operating profit

75,627

69,320

69,518

Non-IFRS profit attributable to equity
   holders of the Company

67,905

61,329

64,694

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

(in RMB per share)

– basic

6.431

5.252

6.433

– diluted

6.302

5.129

6.276

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

RMB in millions, unless specified

Unaudited

1Q2026

1Q2025

Profit for the period

59,392

49,725

Other comprehensive income, net of tax:

Items that may be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

(222)

652

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

135

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

(60)

106

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

(19)

1

Currency translation differences

(13,883)

2,294

Net movement in reserves for hedges

(5)

(213)

Items that will not be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

(330)

522

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

(66,118)

26,361

Currency translation differences

(2,887)

370

Net movement in reserves for hedges

(3)

6

(83,392)

30,099

Total comprehensive income for the period

(24,000)

79,824

Attributable to:

    Equity holders of the Company

(22,676)

75,858

    Non-controlling interests

(1,324)

3,966

 

 

OTHER FINANCIAL INFORMATION 

RMB in millions, unless specified

Unaudited

1Q2026

1Q2025

4Q2025

EBITDA (a)

84,167

73,817

77,126

Adjusted EBITDA (a)

89,617

81,559

83,048

Adjusted EBITDA margin (b)

46 %

45 %

43 %

Interest and related expenses

3,134

3,386

3,323

Net cash (c)

146,860

90,229

107,145

Capital expenditures (d)

31,936

27,476

19,632

Note: 

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

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

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

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

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

RMB in millions, unless specified

Unaudited

Audited

As at

31 March, 2026

As at

31 December, 2025

ASSETS

Non-current assets

  Property, plant and equipment

165,666

149,905

  Land use rights

22,122

22,339

  Right-of-use assets

17,353

17,367

  Construction in progress

5,719

9,670

  Investment properties

1,131

950

  Intangible assets

199,008

205,999

  Investments in associates

330,532

342,409

  Investments in joint ventures

6,374

6,303

  Financial assets at fair value through profit or loss

208,887

207,157

  Financial assets at fair value through other

   comprehensive income

298,052

356,640

  Prepayments, deposits and other assets

45,424

24,540

  Other financial assets

1,084

1,327

  Deferred income tax assets

29,698

28,618

  Term deposits

73,404

70,302

1,404,454

1,443,526

Current assets

  Inventories

582

530

  Accounts receivable

58,116

49,930

  Prepayments, deposits and other assets

117,147

111,270

  Other financial assets

3,779

4,201

  Financial assets at fair value through profit or loss

27,627

35,929

  Financial assets at fair value through other

   comprehensive income

8,781

8,781

  Term deposits

205,537

236,801

  Restricted cash

7,597

6,977

  Cash and cash equivalents

217,770

141,041

646,936

595,460

Total assets

2,051,390

2,038,986

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

RMB in millions, unless specified

Unaudited

Audited

As at

31 March, 2026

As at

31 December, 2025

EQUITY

Equity attributable to equity holders of the Company

  Share capital

  Share premium

68,575

63,796

  Treasury shares

(1,060)

(3,450)

  Shares held for share award schemes

(8,605)

(7,124)

  Other reserves

7,640

90,494

  Retained earnings

1,061,102

1,010,436

1,127,652

1,154,152

Non-controlling interests

83,975

86,913

Total equity

1,211,627

1,241,065

LIABILITIES

Non-current liabilities

  Borrowings

207,881

208,369

  Notes payable

124,350

126,204

  Long-term payables

10,752

10,544

  Other financial liabilities

3,679

2,879

  Deferred income tax liabilities

23,591

21,684

  Lease liabilities

13,074

13,280

  Deferred revenue

2,564

2,210

385,891

385,170

Current liabilities

  Accounts payable

141,748

121,127

  Other payables and accruals

81,153

96,496

  Borrowings

51,114

42,618

  Notes payable

3,460

10,542

  Current income tax liabilities

19,961

18,558

  Other tax liabilities

6,130

3,723

  Other financial liabilities

3,355

3,992

  Lease liabilities

5,632

5,386

  Deferred revenue

141,319

110,309

453,872

412,751

Total liabilities

839,763

797,921

Total equity and liabilities

2,051,390

2,038,986

 

 

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

As

reported

Adjustments

Non-IFRS

RMB in millions,

unless specified

Share-based

compensation (a)

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

Amortisation of

intangible assets (c)

Impairment

provisions/
(reversals) (d)

SSV & CPP (e)

Income

tax effects (f)

Unaudited three months ended 31 March 2026

Operating profit

67,375

6,534

1,578

140

75,627

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

3,620

810

817

1,612

264

7,123

Profit for the period

59,392

7,344

(3,255)

3,190

2,467

765

(130)

69,773

Profit attributable to

 equity holders

58,093

7,193

(3,342)

2,862

2,397

765

(63)

67,905

Operating margin

34 %

38 %

Unaudited three months ended 31 March 2025

Operating profit

57,566

10,100

1,515

139

69,320

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

4,581

968

111

1,713

267

7,640

Profit for the period

49,725

11,068

(31)

3,228

(689)

160

(769)

62,692

Profit attributable to equity holders

47,821

10,833

1,081

2,854

(719)

160

(701)

61,329

Operating margin

32 %

39 %

Unaudited three months ended 31 December 2025

Operating profit

60,338

7,210

1,594

376

69,518

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

6,832

773

(26)

1,522

46

9,147

Profit for the period

59,089

7,983

(7,479)

3,116

3,617

1,338

(953)

66,711

Profit attributable to equity holders

58,260

7,902

(7,515)

2,793

2,812

1,338

(896)

64,694

Operating margin

31 %

36 %

Note:

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

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

(c) Amortisation of intangible assets resulting from acquisitions

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

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

(f) Income tax effects of non-IFRS adjustments

 

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

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


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

1Q26 Business and Financial Highlights

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


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

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

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

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

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

1Q26 Operational Achievements & 2026 Outlook


Global CDMO Operations

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

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

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

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

Pharma Sales Operations

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

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

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

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

Recent Investor Conference

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

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

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

Bora 2026 Earnings Schedule

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

Hashtag: #BoraPharmaceuticals

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

About Bora

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

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

For more, please visit:

Disclaimer:

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

Fourier Highlights System Level Integration Shift at 2026 Advanced Liquid Cooling Technologies Conference in Taipei

TAIPEI, May 13, 2026 /PRNewswire/ — Fourier Data Center Solution Inc. (“Fourier”), a modular data center company focused on AI and HPC infrastructure, showcased its integrated system architecture at the 2026 Advanced Liquid Cooling Technologies Conference co-developed with Intel.

Discussions at the conference underscored a structural shift in how AI infrastructure is defined. At the silicon and packaging level, advances in thermal interface technologies continue to push the limits of heat transfer. At the system level, Intel’s platform-driven approach is enabling ecosystem partners to extend beyond individual components into integrated data center solutions. At the conference, Fourier presented a 20-foot modular data center container, offering a full system view of integrated cooling, power, and compute architecture. The container was open for onsite walkthroughs, allowing visitors to directly experience the internal layout and system integration in operation.

Fourier and Intel jointly showcased a fully integrated 20-foot modular data center container at the Advanced Liquid Cooling Technology Conference, Taipei.
Fourier and Intel jointly showcased a fully integrated 20-foot modular data center container at the Advanced Liquid Cooling Technology Conference, Taipei.

For Fourier, this shift reframes the core constraint. The challenge is no longer a single device or subsystem, but the orchestration of cooling, power, and compute as a unified architecture. The ability to translate thermal innovation into deployable infrastructure has become the primary source of value.

As AI infrastructure cycles accelerate, deployment speed has emerged as a critical competitive variable. Delays in compatibility, validation, and integration directly impact time-to-revenue. What the conference reflects is the emergence of a more coordinated validation environment, where cooling technologies, power architectures, and system interfaces are increasingly aligned within a shared ecosystem, reducing integration friction at scale.

This reinforces a central principle for Fourier: deployment speed is a system level outcome. Prefabrication, factory integration, and standardized modular design are not only engineering strategies, but mechanisms to compress delivery timelines, reduce onsite uncertainty, and enable predictable deployment of high density infrastructure.

Fourier CRO Justin Cass delivered a keynote presentation on modular, flexible, and technology-agnostic AI infrastructure at the Intel co-hosted conference in Taipei.
Fourier CRO Justin Cass delivered a keynote presentation on modular, flexible, and technology-agnostic AI infrastructure at the Intel co-hosted conference in Taipei.

Fourier CRO Justin Cass discussed the accelerating shift toward modular AI infrastructure and the growing need for deployable, integrated data center systems. AI infrastructure is entering a phase where density is mandatory, liquid cooling is foundational, and integration defines competitiveness. The market no longer requires incremental component improvements, but deployable systems that unify compute, cooling, and power into a single architecture, delivered consistently across global environments.

Looking ahead, as AI infrastructure scales globally, the industry will increasingly converge toward integrated, prefabricated systems. Fourier will continue to focus on translating system level innovation into deployable infrastructure that meets the speed and density requirements of next generation compute.

Thai travelers’ behavior shifts toward short-haul destinations during the May holiday: Agoda

Search trends point to rising preference for closer, easier holiday getaways

SINGAPORE, May 13, 2026 /PRNewswire/ — Thai travelers are increasingly favoring short-distance, easy-to-plan getaways, reflecting a growing preference for trips that require less time and effort to organize, according to search data from digital travel platform Agoda.

An increase in accommodation searches was seen for short-haul destinations during the 30 April to 4 May Labor Day and Coronation long weekend, compared to the same period last year. This growth in search interest spans both domestic and outbound travel – with Rayong emerging as a leading local destination, and Ho Chi Minh City ranking among the top choices for international trips.

Thai travelers are showing strong interest in nearby destinations within the country, with Rayong recording the highest growth at 44%, followed by Pattaya at 40% and Chonburi at 29%. Among destinations within driving range of Bangkok, Ko Samet at 22% and Hua Hin/Cha-am at 19% also continue to see steady growth, reinforcing the appeal of nearby escapes.

This shift in travel behavior may be influenced by rising travel costs and a growing preference for more budget-conscious and flexible trips, where shorter distances help reduce both planning time and overall expenses. Rayong’s growing appeal is also supported by wider efforts to promote agricultural tourism, with seasonal fruit orchards and farm experiences adding a fresh dimension to the destination and encouraging more local travel.

Further afield, destinations such as Krabi at 13% and Chiang Mai at 28% also recorded positive growth, indicating that while short-distance trips are a key trend this holiday period, Thai travelers continue to explore longer-distance options for a wider range of travel experiences.

A similar pattern can be seen in outbound travel, where short-haul destinations are driving the strongest growth. Cities within a short flight from Bangkok see strong interest from Thai travellers, with Ho Chi Minh City recording the highest increase at 134%, followed by Da Nang at 58% and Hong Kong at 2%.

Seoul is the only destination in the top rankings that falls outside the short-haul category, recording a 49% increase. Its popularity is likely supported by seasonal appeal, as spring is widely considered one of the best times to visit.

Akaporn Rodkong, Country Director, Thailand and Indochina at Agoda, said “Thai travelers remain enthusiastic about traveling across the year, even immediately after a major holiday period such as Songkran. At the same time, there is a clear shift toward more budget‑conscious decision‑making, with travelers placing greater value on simpler and more convenient trips. As a result, short‑distance and easy‑to‑plan destinations are gaining popularity, both within Thailand and across nearby international markets. At Agoda we are proud to offer a broad range of options across different destinations and budgets, helping travelers find choices that suit their needs.”

Travelers planning their mid-year getaways can explore great value across more than six million holiday properties, over 130,000 flight routes, and more than 300,000 activities and experiences on Agoda. With a wide range of options across nearby beach destinations and short-haul city breaks, Agoda makes it easy for travelers to plan quick, convenient escapes that fit perfectly into long weekends, helping them maximize their time off while enjoying seamless booking and great deals.

TWSC Officially Inaugurates Guangming Intelligent Manufacturing Base to Advance High-End Storage

SHENZHEN, China, May 13, 2026 /PRNewswire/ — The official launch ceremony of TWSC Guangming Intelligent Manufacturing Base was successfully held at Guangming Science City, Shenzhen.

TWSC Officially Inaugurates Guangming Intelligent Manufacturing Base to Advance High-End Storage
TWSC Officially Inaugurates Guangming Intelligent Manufacturing Base to Advance High-End Storage

Strategic Positioning: A High-End Storage Manufacturing and Validation Platform for the AI Era

Driven by surging demand from AI applications, storage solutions are evolving from general-purpose hardware toward mission-critical AI infrastructure, requiring superior throughput, ultra-low latency and continuous operational stability.

As a pivotal high-end storage manufacturing initiative for the AI era, TWSC Guangming Intelligent Manufacturing Base serves as the company’s high-end manufacturing and test & validation center. Focused on enterprise-grade and embedded storage products, the base aims to build a world-class intelligent manufacturing platform for high-end storage in China. Its official launch marks a critical milestone in TWSC’s strategic upgrade of high-end manufacturing capabilities.

Upon full ramp-up, the base will deliver an integrated high-end manufacturing system covering intelligent production, test & validation and large-scale delivery. It will support mass production and comprehensive testing of enterprise-grade SSDs, RDIMMs and embedded storage products, further strengthening high-reliability validation and scalable manufacturing capacity.

Core Advantages: AGV+MES-Driven Unmanned End-to-End Production Line, Upgrading TWSC’s SMT Intelligent Manufacturing

End-to-End Automated Manufacturing System

To ensure high-quality introduction and scalable delivery of high-performance storage products, the Guangming Base has deployed an industry-leading intelligent SMT manufacturing system. It adopts large-scale AGV intelligent logistics to realize fully unmanned material flow across production, inspection and logistics processes.

Data-Driven Intelligent Lean Manufacturing

Powered by MES system, intelligent dispatch center and end-to-end data management platform, the base enables digital collaboration and full traceability in manufacturing, testing, quality assurance and fulfillment. This significantly improves production efficiency, product consistency and cross-functional operational synergy.

Advanced Validation: High-Reliability Testing Capabilities for Leading Mainstream Platforms

Catering to AI servers, data centers and intelligent terminals, the Guangming Intelligent Manufacturing Base has established a robust high-reliability test and validation system to meet demands for efficient, stable and secure storage performance.

On one hand, the base features a comprehensive validation cluster equipped with hundreds of high-performance servers and a one-stop enterprise-grade storage test line, delivering high-stress validation capabilities for AI servers and data centers. It also provides a dedicated embedded validation platform supporting DDR die testing and validation of eMMC, UFS, LPDDR and other embedded storage products, enhancing compatibility and stability verification across multiple protocols and platforms.

On the other hand, TWSC is actively building a comprehensive AI storage technology laboratory focused on proprietary firmware development. This ensures reliable product operation in AI large model and data center scenarios, while continuously improving validation efficiency and scenario adaptability.

Currently, TWSC has two intelligent manufacturing bases with a total area of over 40,000 square meters, further consolidating its end-to-end capabilities spanning R&D, intelligent manufacturing and large-scale delivery. The company will continue to enhance high-end storage manufacturing efficiency and global customer service, accelerating the deployment of full-stack AI storage solutions.

Laos Orders Travel Companies to Attach Hotel Booking Confirmations of Clients

This photo is used for representational purpose only.

Travel companies bringing tourists into Laos must now attach confirmed hotel booking documents to their entry paperwork, the Tourism Police Department announced.

According to the 12 May notice, tour operators are required to submit a detailed set of documents to the government before tourists arrive, including passenger name lists, passport details, travel itineraries, arrival and departure checkpoints, intended hotels, daily activity schedules, and tour guide information.

The new rule adds one more step: listing a hotel name in the itinerary is no longer enough. Companies must now attach the actual confirmed booking document for every night of the trip, from the day tourists arrive to the day they leave.

Authorities said the change supports a government drive to move tourist accommodation records into a modern digital system, with the aim of improving safety, security, and the overall visitor experience in the country.

The move comes as Laos pushes to grow its tourism sector. The country welcomed 4.58 million international visitors in 2025 and is now targeting between 5 and 6 million arrivals in 2026.

All previously required documents remain mandatory and no existing paperwork needs to be refiled. However, any company that does not yet collect official hotel confirmation documents as part of its standard booking process must update its procedures immediately. Applications submitted without the new attachments risk delays or outright rejection.

LGT appoints CEO for its wealth management business in Thailand


BANGKOK, THAILAND – Media OutReach Newswire – 13 May 2026 – LGT continues to strengthen its leadership team in Thailand with the appointment of Anchalee Bunsongsikul as Chief Executive Officer of LGT Securities (Thailand) Limited (“LGT Thailand”). This senior management hire underlines the strategic importance of Thailand for LGT and reflects the firm’s commitment to further expanding its presence in the market.

Anchalee Bunsongsikul
Anchalee Bunsongsikul

With over three decades of leadership experience in international banking, including most recently as President and Chief Executive Officer, Thailand and Representative Offices for Standard Chartered Bank, Anchalee Bunsongsikul will further strengthen LGT’s senior management bench in Thailand. She brings extensive experience in corporate banking, financial markets and client coverage, as well as a deep understanding of the local client landscape.

Commenting on the appointment, Dr. Henri Leimer, Chief Executive Officer, LGT Private Banking Asia Pacific, said: “Thailand is an important market for us, one where we have built a strong market position through a consistent, relationship-led approach focused on serving Thai families and entrepreneurs.” Karn Karuhadej, Managing Director and Senior Market Adviser, added: “Anchalee brings extensive leadership experience, strong client relationships and deep market knowledge that will further strengthen our franchise in Thailand. We look forward to welcoming her to our team and working together to further develop our business in the region.”

The appointment will take effect on 15 May 2026. Upon joining LGT Thailand, Anchalee Bunsongsikul will also become a member of the Executive Board Asia Pacific of LGT Private Banking.

LGT has deep roots in Asia. Since opening its first representative office in Hong Kong in 1986, LGT has grown into a competitive regional private bank and wealth manager. In 2019, LGT launched its wealth management business in Thailand. Today, the Bangkok office comprises a strong team of experienced relationship managers and investment consultants who provide investment and wealth management services to Thai clients, complementing LGT’s private banking operations in Hong Kong and Singapore.

Across Asia Pacific, LGT has a presence in Hong Kong, Singapore, Thailand, Japan, Australia, India and the Middle East, and employs around 1800 people in the region. In 2025, LGT ranked as the sixth1 largest private bank in the region, with USD 164 billion in assets under management as of the end of 2025.


1Based on finews.asia 2025 Private Banking AUM league table (finews.asia Releases 2025 Private Banking AUM League Table)

Hashtag: #LGT

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

LGT in brief

LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein Princely Family for over 90 years. As at 31 December 2025, LGT managed assets of CHF 386.1 billion (USD 487.3 billion) for wealthy private individuals and institutional clients. LGT employs 6000 people who work out of more than 40 locations in Europe, Asia, the Americas, Australia and the Middle East. .