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Category: China

  • MIL-OSI Australia: CSL Receives Approval in Japan for ANDEMBRY® (garadacimab) Subcutaneous (S.C.) Injection 200mg Pens, a Novel Human Anti-Activated Factor XII Monoclonal Antibody for the Prevention of Acute Attacks of Hereditary Angioedema (HAE)

    Source: CLS Limited

    CSL Receives Approval in Japan for ANDEMBRY® (garadacimab) Subcutaneous (S.C.) Injection 200mg Pens, a Novel Human Anti-Activated Factor XII Monoclonal Antibody for the Prevention of Acute Attacks of Hereditary Angioedema (HAE)

    • ANDEMBRY® is a first-in-class monoclonal antibody treatment that inhibits activated Factor XII (FXIIa), the initiating factor in the HAE pathway, and offers the first pre-filled pen presentation enabling once-monthly subcutaneous administration
    • The approval is based on the results of the international pivotal Phase 3 VANGUARD trial, which included HAE patients from Japan
    • CSL is dedicated to improving the lives of those with HAE – a community that we have proudly supported for more than 40 years

    TOKYO, Feb. 20, 2025 /PRNewswire/ — CSL Behring K.K. (Headquarters: Minato-ku, Tokyo; President and Representative Director: Izumi Yoshida) today announced that it has received manufacturing and marketing approval from Japan’s Ministry of Health, Labour and Welfare (MHLW) for ANDEMBRY® (garadacimab) Subcutaneous (S.C.) Injection 200mg Pens. The product is approved for the prevention of acute attacks of hereditary angioedema (HAE) and is the first pre-filled pen presentation for once-monthly subcutaneous administration for long-term prophylaxis of HAE. The approval in Japan follows additional recent approvals received in Australia, the United Kingdom, and the European Union.

    ANDEMBRY is the first fully human monoclonal antibody in Japan designed to inhibit activated Factor XII (Factor XIIa), which initiates the cascade of events leading to angioedema at various sites of the body.

    “ANDEMBRY represents a major advancement in the management of hereditary angioedema, offering people living with this life-threatening condition long-term disease control through a patient-centric and convenient administration method,” said Bill Mezzanotte, MD, Executive Vice President, Head of R&D, CSL. “As CSL’s first approved recombinant monoclonal antibody discovered and developed entirely by CSL, ANDEMBRY underscores our more than 40-year commitment to HAE research and treatment optimization. This milestone is the result of decades of dedication, and we extend our gratitude to the colleagues, physicians and patients who made this possible for HAE patients and CSL.”

    HAE is a rare, chronic, debilitating, and potentially life-threatening genetic disorder characterized by recurrent and unpredictable attacks of angioedema. Attacks are often painful and can occur in multiple sites of the body, including the abdomen, larynx, face, and extremities. HAE is designated as one of Japan’s intractable diseases under the category of “Primary Immunodeficiency Syndrome.” Reports indicate that approximately 430 patients in Japan are currently diagnosed and receiving treatment. According to global data, the prevalence of HAE is estimated to be 1 in 50,000 people, suggesting there may be approximately 2,500 patients in Japan.

    The approval of ANDEMBRY is based on the efficacy and safety data from the pivotal international Phase 3 VANGUARD trial and its open-label extension study. The detailed results of the VANGUARD trial were published in The Lancet in April 2023 and the primary results of the ongoing open-label extension study were published in Allergy (October 2024). A plain language summary of the VANGUARD trial findings has also been published to facilitate understanding of patients and caregivers of the clinical trial data. This summary is accessible in multiple languages, including English and Japanese.

    “ANDEMBRY is a breakthrough therapy as the first and only treatment targeting activated Factor XII, the key initiator of HAE attacks,” said Dr. Rose Fida, Executive Director and Regional Lead, CSL R&D Japan & China. “With its novel mechanism, once-monthly subcutaneous dosing and easy-to-use pre-filled pen, ANDEMBRY is set to transform the way HAE is managed in Japan.”

    About ANDEMBRY® (garadacimab)
    ANDEMBRY (garadacimab) is a novel Factor XIIa-inhibitory monoclonal antibody (anti-FXIIa mAb) that has completed Phase 3 clinical development as a new type of once-monthly subcutaneous prophylactic treatment for attacks related to HAE, a form of bradykinin-mediated angioedema. ANDEMBRY is CSL’s first homegrown recombinant monoclonal antibody to gain approval. It was discovered and optimized by scientists at CSL’s Bio21-based research site, with formulation and manufacturing for the clinical programs completed at the CSL Broadmeadows Biotech Manufacturing Facility. ANDEMBRY uniquely inhibits the plasma protein, FXIIa. When FXII is activated, it initiates the cascade of events leading to edema formation. By targeting FXIIa, ANDEMBRY inhibits this cascade at the top as compared to other HAE therapies that target downstream mediators.

    As of February 2025, ANDEMBRY® has been approved by the Australian Therapeutic Goods Administration (TGA) on January 14, 2025, the United Kingdom’s Medicines and Healthcare products Regulatory Agency (MHRA) on January 24, 2025, and by the European Union’s European Commission (EC) on February 10, 2025.

    About “ANDEMBRY® S.C. Injection 200mg Pens”

    Trade name

    ANDEMBRY® S.C. Injection 200mg Pens

    Indications or effects

    Prevention of acute attacks of Hereditary Angioedema (HAE)

    Dosage and administration

    In general, administer subcutaneously the initial loading dose 400 mg of Garadacimab (Genetical Recombination), followed by 200 mg once a month for adults and pediatric patients aged 12 years and older.

    Date of approval

    February 20, 2025

    Manufacturing and marketing

    CSL Behring K.K.

    About CSL Behring K.K.
    CSL Behring is a global leader in developing and delivering high-quality medicines that treat people with rare and serious diseases. In Japan, our core focus areas include immunology and rare diseases, hemophilia, as well as critical care and hemostasis.
    For more information, please visit https://www.cslbehring.co.jp.

    About CSL
    CSL (ASX:CSL; USOTC:CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest.

    Media Contact
    Valerie Bomberger, CSL
    Office: +1 610-291-5388 
    Mobile: +1 267-280-3829 
    Email: valerie.bomberger@cslbehring.com 

    In Australia: 
    Brett Foley, CSL
    Mobile: +61 461 464 708
    Email: brett.foley@csl.com.au

    Investor Relations:
    Chris Cooper, CSL
    Mobile: +61 455 022 740
    Email: chris.cooper@csl.com.au

    SOURCE CSL

    MIL OSI News –

  • MIL-OSI Global: Trump’s threats on Greenland, Gaza, Ukraine and Panama revive old-school US imperialism of dominating other nations by force, after decades of nuclear deterrence

    Source: The Conversation – USA – By Monica Duffy Toft, Professor of International Politics and Director of the Center for Strategic Studies, The Fletcher School, Tufts University

    Imperialist rhetoric is becoming a mark of President Donald Trump’s second term. From asserting that the U.S. will “take over” the Gaza Strip, Greenland and the Panama Canal to apparently siding with Russia in its war on Ukraine, Trump’s comments suggest a return to an old imperialist style of forcing foreign lands under American control.

    Imperialism is when a nation extends its power through territorial acquisition, economic dominance or political influence. Historically, imperialist leaders have used military conquest, economic coercion or diplomatic pressure to expand their dominions, and justified their foreign incursions as civilizing missions, economic opportunities or national security imperatives.

    The term “empire” often evokes the Romans, the Mughals or the British, but the U.S. is an imperial power, too. In the 19th and early 20th century, American presidents expanded U.S. territory westward across the continent and, later, overseas, acquiring Puerto Rico and other Caribbean islands, Guam and the Philippines.

    After that, outright territorial conquest mostly ceased, but the U.S. did not give up imperialism. As I trace in my 2023 book, “Dying by the Sword,” the country instead embraced a subtler, more strategic kind of expansionism. In this veiled imperialism, the U.S. exerted its global influence through economic, political and threatened military means, not direct confrontation.

    Embracing traditional U.S. imperialism would upend the rules that have kept the globe relatively stable since World War II. As an expert on U.S. foreign policy, I fear that would unleash fear, chaos – and possibly nuclear war.

    No redrawing borders

    One of the most fundamental principles of this post-war international system is the concept of sovereignty – the idea that a nation’s borders should remain intact.

    The United Nations Charter, signed in San Francisco in 1945, explicitly bars countries from obtaining territory through force. Outright annexation or territorial takeover is considered a direct violation of international law.

    Work by the late political scientist Mark Zacher outlines how, since World War II, the international community – including the U.S. – has largely upheld this standard.

    But imperialism still shapes world politics.

    Russian President Vladimir Putin’s full-scale invasion of Ukraine in 2022 is a blatant instance of imperial ambition justified by alleged historical grievances and national security concerns. Russia’s invasion set a dangerous precedent by undermining the principle that borders can’t be changed by force and that countries shouldn’t resort to aggression.

    Putin’s precedent, in turn, has raised concerns that another great power may attempt to forcibly redraw international borders.

    Take China, for example. President Xi Jinping has become increasingly aggressive toward Taiwan since 2019. If Putin’s invasion culminates with Russia successfully annexing parts of Ukraine – which the Trump administration has agreed with Russia should be part of any settlement – Xi may follow through on his threats to invade Taiwan.

    Respect for national sovereignty has made the world more stable and less violent.

    The decline of traditional imperialism after World War II led to a flourishing of independent nation-states. As former colonial powers gradually relinquished control of their holdings in the second half of the 20th century – voluntarily or after losing wars of independence – the number of sovereign countries increased dramatically. The U.N. had 51 member countries in 1945 and over 150 by 1970.

    The U.N. was founded on the idea that people of all countries should have a say in how they build their own futures. Today, 197 countries try to work together through the U.N. on a wide range of global issues, including defending human rights and reducing global poverty.

    When a major power like the U.S. openly embraces imperialist rhetoric, it further weakens the already fragile rules that keep this delicate collaboration working.

    Nonviolent imperialism

    Imperialism does not require military force. Great powers still exert influence over weaker nations, shaping their behavior through economic might and wealth, diplomacy and strategic alliances.

    The U.S. has long engaged in this form of influence. It has often pursued its imperialist agenda in what I would call a more “gentlemanly manner” than historical empires with their bloody physical conquests.

    During the Cold War, for example, the U.S. established extensive dominance over much of the globe. In Latin America and the Middle East, it used economic aid, military alliances and ideological persuasion rather than outright territorial expansion to exert its control. Russia did the same in Eastern Europe and its other spheres of influence.

    Demonstrators in Panama City insist ‘Panama Canal is Not For Sale’ following Donald Trump’s threats to seize the canal, Jan. 20, 2025.
    Arnulfo Franco/AFP via Getty Images

    Today, China excels at nonviolent imperialism. Its Belt and Road Initiative, a global infrastructure construction project launched in 2013, has created deep economic dependencies among partner nations in Africa, South Asia and Latin America. Trade and diplomatic ties between China and those regions are much closer today as a result.

    Nuclear era

    A critical distinction between imperialism past and present is the presence of nuclear weapons.

    In previous eras, great powers frequently fought wars to expand their influence and settle disputes. Countries could attempt to seize territory with little risk to their survival, even in defeat.

    The sheer destructive potential of nuclear arsenals has changed this calculus. The Cold War doctrine of mutually assured destruction guarantees that if one country launches a nuclear weapon, it will quickly become the target of nuclear counterattack: annihilation for all sides.

    Any major war between nuclear-armed nations now carries the risk of massive, potentially planetary, destruction. This makes direct conquest an irrational, even suicidal strategy rather than a calculated political maneuver.

    And it makes Trump’s old-school imperial rhetoric particularly dangerous.

    If the U.S. tried to annex foreign territory, it would almost certainly provoke serious international conflict. That’s especially true of the most strategic places Trump has threatened to “take over,” like the Panama Canal, which links 1,920 ports across 170 countries.

    These imperialist threats, even if they’re not intended as serious policy proposals, are already ratcheting up global tensions.

    Panamanian President José Raúl Mulino — a pro-American ally — has flatly ruled out negotiating with the U.S. over control of the Panama Canal. Denmark’s prime minister, Mette Frederiksen, says its territory of Greenland is “not for sale.” And Palestinians in Gaza, for their part, fiercely reject Trump’s plan to move all of them out and turn their homeland into a “Middle East Riviera,” as have neighboring Arab countries, which could be expected to absorb millions of displaced Palestinians.

    Rhetoric shapes perception, and perception influences behavior. When an American president floats acquiring foreign territories as a viable policy option, it signals to both allies and enemies that the U.S. is no longer committed to the international order that has achieved relative global stability for the past 75 years.

    With wars raging in the Middle East and Europe, this is a risky time for reckless rhetoric.

    Monica Duffy Toft does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s threats on Greenland, Gaza, Ukraine and Panama revive old-school US imperialism of dominating other nations by force, after decades of nuclear deterrence – https://theconversation.com/trumps-threats-on-greenland-gaza-ukraine-and-panama-revive-old-school-us-imperialism-of-dominating-other-nations-by-force-after-decades-of-nuclear-deterrence-249327

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s move to closer ties with Russia does not mean betrayal of Ukraine, yet – in his first term, Trump was pretty tough on Putin

    Source: The Conversation – USA – By Tatsiana Kulakevich, Associate Professor of Instruction in the School of Interdisciplinary Global Studies, University of South Florida

    Traditional Russian wooden nesting dolls depict U.S. President Donald Trump and Russian President Vladimir Putin at a gift shop in Moscow on Feb. 13, 2025. Tatyana Makeyeva/AFP via Getty Images

    The United States’ steadfast allegiance to Ukraine during that country’s three-year war against Russia appears to be quickly disintegrating under the Trump administration. President Donald Trump on Feb. 19, 2025, called Ukrainian President Volodymyr Zelenskyy “a dictator” and falsely blamed him for the war that Russia initiated as part of a land grab in the countries’ border regions.

    Zelenskyy, meanwhile, said on Feb. 19 that Trump is trapped in Russian President Vladimir Putin’s “disinformation space.”

    The intensifying bitterness comes as the U.S. and Russia started talks in Saudi Arabia, without including Ukraine, on how to end the conflict.

    The U.S. and Russia have long been adversaries, and the U.S., to date, has given Ukraine more than US$183 billion to help fight against Russia. But that funding came when Joe Biden was president. Trump does not appear to be similarly inclined toward Ukraine.

    Amy Lieberman, a politics editor at The Conversation U.S., spoke with Tatsiana Kulakevich, a scholar of Eastern European politics and international relations, to understand the implications of this sudden shift in U.S.-Russia policy under Trump.

    Kulakevich sees Trump’s moves that could be perceived as self-interested as instead part of a calculated strategy in preliminary discussions.

    An airplane passenger reads a Financial Times article about U.S. President Donald Trump and Russian President Vladimir Putin on Feb. 19, 2025.
    Horacio Villalobos Corbis/Corbis via Getty Images

    Can you explain the current dynamic between the U.S., Ukraine and Russia?

    People should not panic because the U.S. and Russia are only holding exploratory talks. We should not call them peace talks, per se, at least not yet. It was to be expected that Ukraine was not invited to the talks in Saudi Arabia because there is nothing to talk about yet. We don’t know what the U.S. and Russia are actually discussing besides agreeing to restore the normal functioning of each other’s diplomatic missions.

    People are perceiving the U.S. and Russia as being in love. However, Trump’s Russia policy has been more hawkish than often portrayed in the media. Looking at the record from the previous Trump administration, we can see that if something is not in the interests of the U.S., that is not going to be done. Trump does not do favors.

    He approved anti-tank missile sales to Ukraine in 2019. That same year, Trump withdrew from the Intermediate-Range Nuclear Forces Treaty, an agreement with Russia that limited what weapons each country could purchase, over Russian violations.

    In 2019, Trump also issued economic sanctions against a Russian ship involved in building the Nord Stream 2 gas pipeline. These sanctions tried to block Russia’s direct gas exports to Germany – this connection between Russia and Germany was seen by Ukraine as an economic threat.

    Based on Trump’s talks with Russia and remarks against Ukraine, it could seem like the U.S. and Russia are no longer adversaries. How do you perceive this?

    There are no clear indications that Russia and the U.S. have ceased to be adversaries. Despite Trump’s occasional use of terms like “friends” in diplomacy, his rhetoric often serves as a tactical maneuver rather than a genuine shift in alliances. A key example is his engagement with North Korea’s Kim Jong-un, where Trump alternated between flattery and threats to extract concessions.

    Even if the U.S. is meeting with Russia and the public narrative seems to say otherwise, strategically, abandoning Ukraine is not in the United States’ best interests. One reason why is because the U.S. turning away from Ukraine would make Russia happy and China happy. Trump has treated China as a primary threat to the U.S., and China has supported Putin’s invasion of Ukraine.

    U.S. Secretary of State Marco Rubio is also still saying that everyone, including Ukraine, will be at the table for eventual peace talks.

    The allegations that Russia was holding some information over Trump and blackmailing him started long before this presidential term and did not stop Trump from imposing countermeasures on Russia during his first term. The first Trump administration took more than 50 policy actions to counter Moscow, primarily in the form of public statements and sanctions.

    What does the U.S. gain from developing a diplomatic relationship with Russia?

    Trump is a transactional politician. American companies could profit from the U.S. aligning with Russia and Russian companies, as some Russian officials have said during the recent Saudi Arabia talks with the Trump administration. But the U.S. could also benefit economically from the Trump’s administration’s proposed deal with Ukraine to give the U.S. half of Ukraine’s estimated $11.5 trillion in rare earth minerals.

    Zelenskyy rejected that proposal this week, saying it does not come with the promise that the U.S. will continue to give security guarantees to Ukraine.

    Historically, since the Cold War, there has been a diplomatic triangle between the Soviet Union – later Russia – China and the U.S. And there has always been one side fighting against the two other sides. Trump trying to develop a better diplomatic relationship with Russia might mean he is trying to distance Russia from China.

    A similar dynamic is playing out between the U.S. and Belarus’ authoritarian leader, Alexander Lukashenko, a co-aggressor in the war in Ukraine. Lukashenko is close with both Russia and China. The U.S. administration is looking to relax sanctions on Belarusian banks and exports of potash, a key ingredient in fertilizer, in exchange for the release of Belarusian political opposition members who are imprisoned. There are over 1,200 political prisoners in Belarus. This U.S. foreign policy strategy is aimed at providing Lukashenko with room to grow less economically dependent on Russia and China.

    A worker clears snow from a cemetery in Kramatorsk, Ukraine, on Feb. 17, 2025. More than 46,000 Ukrainian soldiers have died in combat since Russia launched a full-scale invasion in February 2022.
    Pierre Crom/Getty Images

    Is this level of collaboration between the U.S. and Russia unprecedented?

    While U.S.-Russia relations are often defined by rivalry, history shows that pragmatic cooperation has occurred when both nations saw mutual benefits – whether this relates to arms control, space, counterterrorism, Arctic affairs or health.

    Moreover, the U.S. has always prioritized its own interests in its relationship with Russia. For example, the U.S. and its allies imposed sanctions on Russia’s uranium and nickel industries only in May 2024, over two years after Russia’s full-scale invasion of Ukraine in February 2022. This was due to the United States’ strategic economic dependencies and concerns about market stability if it sanctioned uranium and nickel.

    Even after Russia invaded Crimea – an area of Ukraine that Russia claims as its own – in 2014 and provided support for Russian separatists in Ukraine’s Donbass region, the U.S. and other Western countries imposed largely symbolic sanctions. This included freezing assets of Russian individuals, restricting some financial transactions and limiting Russia’s access to Western technology.

    We should also notice that Trump in January 2025 promised to sanction Russia if it does not end the Ukraine war. The U.S. still has not removed any existing sanctions, which signals its commitment to a tough stance on Russia, despite perceptions of a close relationship between Trump and Putin.

    Given Trump’s transactional approach to foreign policy, his tough rhetoric on Zelenskyy could be a deliberate negotiation strategy aimed at pressuring Ukraine into making greater concessions in potential peace talks, rather than signaling abandonment.

    Tatsiana Kulakevich does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s move to closer ties with Russia does not mean betrayal of Ukraine, yet – in his first term, Trump was pretty tough on Putin – https://theconversation.com/trumps-move-to-closer-ties-with-russia-does-not-mean-betrayal-of-ukraine-yet-in-his-first-term-trump-was-pretty-tough-on-putin-250359

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Economy Enters 2025 on Strong Footing as Markets Digest Policy Uncertainty

    Source: Fannie Mae

    WASHINGTON, DC – Incoming gross domestic product (GDP), labor market, and inflation data point to an economy that entered 2025 with strong momentum, according to the February 2025 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. While the ESR Group’s GDP outlook is unchanged at 2.2 percent Q4/Q4 in 2025, it revised upward its expectations for the Consumer Price Index, which is now forecast to end 2025 at 2.8 percent on a year-over-year basis (2.5 percent previously), primarily due to recently higher-than-expected inflation readings. Further, the ESR Group incorporated the recently implemented 10-percent additional tariff on imports from China into its February forecast; it expects the tariffs will have a small negative impact on growth and put slight upward pressure on inflation. However, the ESR Group notes that current risks to the outlook are higher than normal due to uncertainty around trade policy, including additional tariff proposals.

    The ESR Group now expects mortgage rates to end 2025 and 2026 at 6.6 and 6.5 percent, respectively, upward revisions from its prior outlook. The ESR Group notes there are plausible scenarios for both upward and downward movement in mortgage rates due to trade policies, but its expectations for mortgage rate volatility this year remains intact as markets react to trade policy announcements, incoming economic data, and other fiscal policy changes. Additionally, the ESR Group made modest upward revisions to its existing home sales outlook for 2025 due to a stronger-than-expected December sales pace and resilient purchase applications data, but it notes that the level of existing sales is still expected to be 22 percent below the pace seen in 2019.

    “Economic growth was strong to start the year as fourth quarter personal consumption data came in above our expectations,” said Kim Betancourt, Fannie Mae Vice President of Multifamily Economics and Strategic Research. “Going forward, we expect the economy to decelerate slightly as consumer spending slows to a level more consistent with its historical relationship to income. However, ongoing uncertainty around trade policy adds risk to our GDP and inflation outlooks, which may have implications for mortgage rates, although the direction – up or down – would depend on a number of factors. Higher mortgage rates would exacerbate the existing ‘lock-in effect’ and worsen affordability, which may then weigh on home sales and mortgage originations activity. Of course, if mortgage rates move lower, we’d likely see an improvement in affordability and a corresponding pickup in housing activity.”

    Visit the Economic and Strategic Research site at fanniemae.com to read the full February 2025 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, and Housing Forecast. To receive email updates with other housing market research from Fannie Mae’s Economic and Strategic Research Group, please click here.

    Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic and Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

    About the ESR Group
    Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets.

    MIL OSI Economics –

  • MIL-OSI China: Ding’an County in Hainan sees bumper harvest of cherry tomatoes

    Source: People’s Republic of China – State Council News

    Ding’an County in Hainan sees bumper harvest of cherry tomatoes

    Updated: February 20, 2025 21:32 Xinhua
    Villagers sort freshly harvested cherry tomatoes for packing in Tanli Village of Ding’an County, south China’s Hainan Province, Feb. 19, 2025. It has come to the harvest season of about 10,000 mu (667 hectares) of cherry tomato in Ding’an County, with the yield increasing significantly compared to previous years. In recent years, Ding’an County spares no effort to develop local cherry tomato industry by introducing high-quality cherry tomato varieties, promoting green farming technologies and strengthening brand development. As a result, the quality and market competitiveness of local cherry tomato have been significantly improved. Local cherry tomato association has set up e-commerce platforms to expand sale channels and help farmers increase their income. As a highlight of the region’s characteristic agriculture, the cherry tomato industry in Ding’an County has formed a complete industrial chain by integrating planting, harvesting and sales. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 19, 2025 shows the cherry tomato fields in Tanli Village of Ding’an County, south China’s Hainan Province. [Photo/Xinhua]
    A villager takes care of cherry tomato plants in Tanli Village of Ding’an County, south China’s Hainan Province, Feb. 19, 2025. [Photo/Xinhua]
    Villagers pack freshly harvested cherry tomatoes in Tanli Village of Ding’an County, south China’s Hainan Province, Feb. 19, 2025. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 19, 2025 shows villagers picking cherry tomatoes in Tanli Village of Ding’an County, south China’s Hainan Province. [Photo/Xinhua]
    A villager picks cherry tomatoes in Tanli Village of Ding’an County, south China’s Hainan Province, Feb. 19, 2025. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 19, 2025 shows villagers taking care of cherry tomato plants in Tanli Village of Ding’an County, south China’s Hainan Province. [Photo/Xinhua]
    Villagers sort and pack freshly harvested cherry tomatoes in Tanli Village of Ding’an County, south China’s Hainan Province, Feb. 19, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Global: The leadership hack that drives success: Being trustworthy

    Source: The Conversation – USA – By Yufei Ren, Associate Professor of Economics, Labovitz School of Business and Economics, University of Minnesota Duluth

    Trustworthy managers get better performance reviews, recent research shows. Andrey Popov/Getty Images

    National Leadership Day, which takes place every Feb. 20, offers a chance to reflect on what truly defines leadership – not just strategy or decision-making, but the ability to build trust. In an era of rapid change, when teams look to leaders for stability and direction, trust is the invisible currency that fuels organizational success.

    As an economist, I know there’s a lot of research proving this point. I’ve conducted some myself, including work on how trust is essential for leaders in cross-cultural business environments. In an expansive study of China’s fast-paced restaurant industry, my colleagues and I found that leaders who cultivate trust can significantly reduce employee churn and improve organizational performance.

    While my study focuses on one sector, its lessons extend far beyond that. It offers insights for leaders in any field, from corporate executives to community organizers.

    Understanding the impact

    In China, as in the U.S., the restaurant industry is known for high turnover rates and cutthroat competition. But our study found that managers who demonstrate trustworthiness can keep employees from fleeing to rivals, creating a more stable and committed workforce.

    First, we conducted a field experiment in which we asked managers at around 115 restaurants how much money they were willing to send to employees in an investment game – an indicator of trust. We then found that for every 10% increase in managers’ trust-driven actions, employee turnover fell by 3.7 percentage points. That’s a testament to the power of trust in the workplace.

    When managers are trustworthy, workers tend to be more loyal, engaged in their job and productive. Employees who perceive their managers as trustworthy report higher job satisfaction and are more willing to exert extra effort, which directly benefits the organization.

    We also found that when employees trust one another, managers get better performance evaluations. That makes sense, since trust fosters improved cooperation and innovation across the board.

    Practical steps to foster trust

    Fortunately for managers – and workers – there’s a lot of research into how to be a more trustworthy leader. Here are a few insights:

    • Empower your team. Let employees take ownership of their responsibilities and make decisions within their roles. This not only boosts their engagement but also aligns their objectives with the broader goals of the organization. Empowerment is a key strategy in building trust.

    • Be fair and transparent. Managers should strive to be consistent in their actions, address concerns promptly and distribute rewards equitably. Those practices can create a psychologically safe and supportive work environment.

    • Promote collaboration. Encourage an atmosphere in which employees can openly share ideas and support one another. Activities that promote team cohesion and open communication can significantly enhance trust within the team.

    • Measure and manage trust. Implementing regular surveys or feedback sessions can help assess and manage trust levels within an organization. Consider integrating trust metrics into performance evaluations to emphasize their importance.

    Some takeaways for National Leadership Day

    Whether helming a business, a nonprofit or a local community initiative, leaders should recognize that being trustworthy isn’t just a “soft skill.” It’s a measurable force that drives success. By making trust-building a deliberate goal, leaders can create stronger, more resilient teams.

    So this National Leadership Day is a good time to reflect: How do you build trust in your leadership? And how can you foster a culture of trustworthiness?

    Managers should commit to leading with trust, acting with integrity and fostering workplaces where people feel valued and empowered. The impact will speak for itself.

    Yufei Ren does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The leadership hack that drives success: Being trustworthy – https://theconversation.com/the-leadership-hack-that-drives-success-being-trustworthy-250117

    MIL OSI – Global Reports –

  • MIL-OSI: Aterian Issues Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    SUMMIT, N.J., Feb. 20, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a technology-enabled consumer products company, today issued the following letter to shareholders from Arturo Rodriguez, Chief Executive Officer, and the Company’s Board of Directors.

    Dear Fellow Shareholders:

    While this is our first time writing to you directly, you are always at the forefront of our minds.

    Over the past 18 months, our team has undertaken a comprehensive reassessment of nearly every facet of Aterian’s business model as part of our turnaround strategy. This deep evaluation of our brand portfolio, marketing strategies, inventory management, marketplace operations, supply chain, and overall fixed costs laid the foundation for the strategic initiatives we have implemented. By successfully executing these changes, we have focused, simplified, and stabilized the Company, positioning Aterian to drive long-term shareholder value.

    Although there is still work to be done, we believe that 2025 marks the start of a new and promising chapter for Aterian as we pivot from stabilizing our operations towards sustainable growth.

    2024: A Year of Achievement

    2024 was a year of achievement as we delivered on many of our key objectives which we announced in late 2023. We streamlined our product portfolio to six highly regarded foundational brands—Squatty Potty, hOmeLabs, PurSteam, Mueller Living, Photo Paper Direct, and Healing Solutions—that deliver quality, affordable products to consumers. We also simplified our go-to-market and marketing strategies, improved efficiencies in our marketplace account structures and our supply chain and transitioned from an internally developed tech platform to a best-in-class third-party model, thereby increasing our efficiency, nimbleness, and cost savings. Additionally, we improved our working capital profile by completing our inventory rightsizing and renegotiating and extending our credit facility.

    In late 2024, we launched several new products under our PurSteam and Mueller Living brands, marking an exciting return to our product development efforts. Organic product launches remain an important component of our growth strategy, and we expect to continue these efforts throughout 2025, with a focus on the second half of the year.

    We also continue to deliver on our commitment to implementing an omnichannel sales approach to reach new consumers and remain competitive in the ever-evolving e-commerce landscape. In the fourth quarter of 2024, we began selling products from our hOmeLabs, PurSteam, and Mueller Living brands on Target+, the invitation-only online marketplace of Target Corporation, while expanding product offerings of Squatty Potty on Target+. This complements our established marketplace strength on Amazon.com, Walmart.com, and Mercado Libre in Mexico, as well as our direct-to-consumer websites. We also recently refreshed our PurSteam and Mueller Living websites, modernizing them to match the recent updates of those brands.

    Our Efforts are Yielding Tangible Results

    Our progress was evident in our third quarter 2024 year to date financial results. When compared to the same nine-month period in 2023, we generated significant improvements in gross margin and contribution margin, and narrowed our net loss by $56.3 million, or 84%.

    We also reported positive adjusted EBITDA for both the second and third quarters of 2024.

    At September 30, 2024, our cash flow from operations was $2.2 million, a $10.6 million improvement from the same period in 2023, our credit facility balance declined by $4.4 million from December 31, 2023, and we had cash on hand of $16.1 million.

    Fourth Quarter 2024 Preliminary Results

    This momentum carried into the final quarter of the year. For the fourth quarter of 2024, we now expect to report net revenue between $24.2 million and $25.0 million which is at the higher end of our previous guidance of $22.5 million to $25.5 million. As previously disclosed, we continue to expect that this level of revenue will produce approximately breakeven adjusted EBITDA.

    We expect that our cash position at December 31, 2024 will improve to approximately $18 million from $16.1 million at September 30, 2024, while our credit facility balance is expected to increase slightly from $6.7 million at September 30, 2024 to approximately $6.9 million at December 31, 2024.

    Full Year 2025: From Stability to Growth

    Looking ahead to 2025, we are confident that Aterian will evolve into a growth company, driven by our omnichannel expansion initiatives, organic product launches, and a commitment to prudent capital allocation strategies. In comparison to 2024, we expect to produce higher revenue, along with continuing improvements in operating efficiencies and adjusted EBITDA. More importantly, we believe that our efforts to date have placed us firmly on the path to producing these results on a sustainable basis.

    We believe we have taken a conservative approach in our expectations for 2025 by considering both the potential impact of increased tariffs on Chinese imports, and to a lesser extent, those from Canada, as well as the proactive measures we would implement to mitigate their effects. Our primary strategy to offset these tariffs would be price adjustments on select products, supplemented by additional cost-management initiatives, if deemed necessary. As trade policies evolve, we will continue to monitor developments and adjust our responses, as needed.

    We are continuing our efforts to identify product sourcing alternatives outside of China, wherever possible, in response to the current uncertainty of U.S. trade policies. As we navigate these challenges, we are fortunate to be supported by a strong balance sheet that provides us with the flexibility to adapt as needed while remaining focused on long-term growth and profitability.

    We look forward to providing additional clarity on our plans and outlook for 2025 in connection with our fourth quarter and full year financial results conference call scheduled for mid-March, and keeping you apprised of material developments.

    Looking ahead, the strength of our brands, the influence and accessibility provided by our marketplace relationships, and our passionate, talented and tenacious people will allow us to deliver on our mission to position Aterian to deliver sustainable, long-term shareholder value. We remain grateful for the continuing support of our shareholders. We hope this is the beginning of more frequent communications as we share in the excitement of Aterian’s bright future.

    Best regards,

    Arturo Rodriguez
    Chief Executive Officer

    About Aterian, Inc.
    Aterian, Inc. (Nasdaq: ATER) is a technology-enabled consumer products company that builds and acquires leading e-commerce brands with top selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon,Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct. To learn more about Aterian and its brands, visit aterian.io

    Forward Looking Statements
    All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, regarding our expectations for growth in 2025, including our omnichannel expansion initiatives, organic product launches and our capital allocation strategies. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, our ability to meet financial covenants with our lenders, our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

    Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    Contact: 
    The Equity Group

    Devin Sullivan
    Managing Director
    dsullivan@equityny.com

    Conor Rodriguez
    Associate
    crodriguez@equityny.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fac8af25-1eb0-4a9b-b114-ed58c424cb02

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors Reports Fourth Quarter 2024 and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) — On February 20, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months and year ended December 31, 2024.

    Financial Highlights

    The Partnership reported the following results as of and for the three months ended December 31, 2024:

    • Net income of $0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted
    • Cash Available for Distribution (“CAD”) of $0.18 per BUC
    • Total assets of $1.58 billion
    • Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.25 billion

    The difference between reported net income per BUC and CAD per BUC is primarily due to the treatment of unrealized gains on the Partnership’s interest rate derivative positions. Unrealized gains of approximately $7.0 million are included in net income for the three months ended December 31, 2024. Unrealized gains are a result of the impact of increased market interest rates on the calculated fair value of the Partnership’s interest rate derivative positions. Unrealized gains and losses do not affect our cash earnings and are added back to net income when calculating the Partnership’s CAD. The Partnership received net cash from its interest rate derivative positions totaling approximately $1.3 million during the fourth quarter.

    The Partnership reported the following results for the year ended December 31, 2024:

    • Net income of $0.76 per BUC, basic and diluted
    • CAD of $0.95 per BUC

    In December 2024, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership’s BUC holders of $0.37 per BUC. The distribution was paid on January 31, 2025, to BUC holders of record as of the close of trading on December 31, 2024.

    Management Remarks

    “2024 was a challenging year from a number of different perspectives,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “The conditions in the multifamily markets, both higher interest rates and operating expenses, presented challenges to our joint venture equity investments. Interest rate volatility also impacted the efficiency of some of our securitization transactions. However, we are encouraged by the opportunities that we are starting to see in 2025. The dedicated pool of capital that we have from the new BlackRock construction lending joint venture is a powerful new tool for us to serve our affordable housing developer relationship base.”

    Recent Investment and Financing Activity

    The Partnership reported the following updates for the fourth quarter of 2024:

    • Advanced funds on MRB and taxable MRB investments totaling $36.8 million.
    • Advanced funds on GIL, taxable GIL and property loan investments totaling $32.0 million.
    • Advanced funds to joint venture equity investments totaling $11.2 million.
    • Received proceeds from the sale of an MRB totaling $11.5 million.
    • Entered into the 2024 PFA Securitization Transaction representing fixed rate, matched term, non-recourse and non-mark to market debt financing totaling $75.4 million.

    In January 2025, the Partnership received proceeds from the sale of Vantage at Tomball located in Tomball, Texas, totaling $14.2 million, inclusive of the Partnership’s initial investment commitment made in August 2020. The Partnership estimates it will not recognize any gain, loss, or CAD upon sale.

    Investment Portfolio Updates

    The Partnership announced the following updates regarding its investment portfolio:

    • All MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of December 31, 2024.
    • The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates. The Partnership received net payments under its interest rate swap portfolio of approximately $1.3 million and $6.5 million during the three months and year ended December 31, 2024, respectively. From January 1, 2023 through December 31, 2024, the Partnership received net swap payments totaling $12.3 million or approximately $0.53 per BUC.
    • Six joint venture equity investment properties have completed construction, with three properties having previously achieved 90% occupancy. Four of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

    Earnings Webcast & Conference Call

    The Partnership will host a conference call for investors on Thursday, February 20, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Fourth Quarter and full-year 2024 results.

    For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

    The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
    https://event.choruscall.com/mediaframe/webcast.html?webcastid=T0wdPGmd

    It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

    A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    GREYSTONE HOUSING IMPACT INVESTORS LP
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
        For the Three Months Ended
    December 31,    		     For the Years Ended December 31,
        2024     2023     2024     2023    
    Revenues:                                
      Investment income $ 20,056,000     $ 20,010,343     $ 80,976,706     $ 82,266,198    
      Other interest income   2,199,643       1,034,638       9,509,307       17,756,044    
      Property revenues   –               –       4,567,506    
      Other income   330,381       60,702       785,386       310,916    
    Total revenues   22,586,024       25,184,617       91,271,399       104,900,664    
    Expenses:                                
      Real estate operating (exclusive of items shown below)   –       573,255       –       2,663,868    
      Provision for credit losses (Note 10)   (24,000 )     (466,000 )     (1,036,308 )     (2,347,000 )  
      Depreciation and amortization   5,967       313,626       23,867       1,537,448    
      Interest expense   15,840,620       16,849,384       60,032,007       69,066,763    
      Net result from derivative transactions (Note 15)   (8,239,844 )     7,168,413       (8,495,426 )     (7,371,584 )  
      General and administrative   4,787,849       4,889,014       19,652,622       20,399,489    
    Total expenses   12,370,592       29,327,692       70,176,762       83,948,984    
    Other income:                                
      Gain on sale of real estate assets   –       10,363,363       63,739       10,363,363    
      Gain on sale of mortgage revenue bond   1,207,673       –       2,220,254       –    
      Gain on sale of investments in unconsolidated entities   60,858       –       117,844       22,725,398    
      Earnings (losses) from investments in unconsolidated entities   (1,315,042 )     (17,879 )     (2,140,694 )     (17,879 )  
    Income before income taxes   10,168,921       6,202,409       21,355,780       54,022,562    
      Income tax expense (benefit)   36,398       (1,515 )     32,447       10,866    
    Net income   10,132,523       6,203,924       21,323,333       54,011,696    
      Redeemable Preferred Unit distributions and accretion   (741,477 )     (622,590 )     (2,991,671 )     (2,868,578 )  
    Net income available to Partners $ 9,391,046     $ 5,581,334     $ 18,331,662     $ 51,143,118    
                                       
    Net income available to Partners allocated to:                                
      General Partner $ 390,766     $ 75,252     $ 479,602     $ 3,589,447    
      Limited Partners – BUCs   8,937,983       5,472,230       17,587,205       47,209,260    
      Limited Partners – Restricted units   62,297       33,852       264,855       344,411    
        $ 9,391,046     $ 5,581,334     $ 18,331,662     $ 51,143,118    
    BUC holders’ interest in net income per BUC, basic and diluted $ 0.39     $ 0.24   ** $ 0.76   * $ 2.06   **
    Weighted average number of BUCs outstanding, basic   23,115,162       22,947,795   **   23,071,141   *   22,929,966   **
    Weighted average number of BUCs outstanding, diluted   23,115,162       22,947,795   **   23,071,141   *   22,929,966   **
       
    * The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis.
       
    ** On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). On October 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023 (the “Third Quarter 2023 BUCs Distribution”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the “Fourth Quarter 2023 BUCs Distribution”, collectively with the Second Quarter 2023 BUCs Distribution and the Third Quarter BUCs Distribution the “2023 BUCs Distributions”). The amounts indicated above have been adjusted to reflect the 2023 BUCs Distributions on a retroactive basis.
       

    Disclosure Regarding Non-GAAP Measures – Cash Available for Distribution

    The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 23 to the Partnership’s consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

    The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months and years ended December 31, 2024 and 2023 (all per BUC amounts are presented giving effect to the BUCs Distributions described in Note 23 of the consolidated financial statements on a retroactive basis for all periods presented):

        For the Three Months Ended
    December 31,    		     For the Years Ended December 31,
        2024     2023     2024     2023    
    Net income $ 10,132,523     $ 6,203,924     $ 21,323,333     $ 54,011,696    
    Unrealized (gains) losses on derivatives, net   (6,978,561 )     9,994,292       (2,097,900 )     3,173,398    
    Depreciation and amortization expense   5,967       313,626       23,867       1,537,448    
    Provision for credit losses (1)   (24,000 )     (466,000 )     (867,000 )     (2,347,000 )  
    Reversal of gain on sale of real estate assets (2)   –       (10,363,363 )     –       (10,363,363 )  
    Amortization of deferred financing costs   466,105       710,271       1,653,805       2,461,713    
    Restricted unit compensation expense   436,052       473,127       1,891,633       2,013,736    
    Deferred income taxes   1,164       2,796       2,435       (362 )  
    Redeemable Preferred Unit distributions and accretion   (741,477 )     (622,590 )     (2,991,671 )     (2,868,578 )  
    Tier 2 income allocable to the General Partner (3)   (309,858 )     (19,439 )     (309,858 )     (3,248,148 )  
    Recovery of prior credit loss (4)   (17,156 )     (17,156 )     (69,000 )     (68,812 )  
    Bond premium, discount and acquisition fee amortization, net
       of cash received    		   (90,310 )     (42,900 )     1,247,066       (182,284 )  
    (Earnings) losses from investments in unconsolidated entities   1,315,042       17,879       2,140,694       17,879    
    Total CAD $ 4,195,491     $ 6,184,467     $ 21,947,404     $ 44,137,323    
                                       
    Weighted average number of BUCs outstanding, basic   23,115,162       22,947,795       23,071,141       22,929,966    
    Net income per BUC, basic $ 0.39     $ 0.24     $ 0.76     $ 2.06    
    Total CAD per BUC, basic $ 0.18     $ 0.27     $ 0.95     $ 1.92    
    Cash Distributions declared, per BUC $ 0.37     $ 0.367     $ 1.478     $ 1.46    
    BUCs Distributions declared, per BUC (5) $ –     $ 0.07     $ 0.07     $ 0.21    
       
    (1) The adjustments reflect the change in allowances for credit losses which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance credit loss which is not included as an adjustment to net income in the calculation of CAD.
       
    (2) The gain on sale of real estate assets from the sale of the Suites on Paseo MF Property represented a recovery of prior depreciation expense that was not reflected in the Partnership’s previously reported CAD, so the gain on sale was deducted from net income in determining CAD for 2023.
       
    (3) As described in Note 23 to the Partnership’s consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner.
       
      For the year ended December 31, 2024, Tier 2 income allocable to the General Partner consisted of approximately $310,000 related to the gain on sale of the Arbors at Hickory Ridge MRB in November 2024.
       
      For the year ended December 31, 2023, Tier 2 income allocable to the General Partner consisted of approximately $3.8 million related to the gains on sale of Vantage at Stone Creek and Vantage at Coventry in January 2023 and approximately $813,000 related to the gain on sale of Vantage at Conroe in June 2023, offset by a $1.4 million Tier 2 loss allocable to the General Partner related to the Provision Center 2014-1 MRB realized in January 2023 upon receipt of the majority of expected bankruptcy liquidation proceeds.
       
    (4) The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.
       
    (5) The Partnership declared a distribution payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record date of March 28, 2024.
       
      The Partnership declared three separate distributions during 2023 each payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record dates of June 30, September 29, and December 29, 2023.
       

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    INVESTOR CONTACT:
    Andy Grier
    Investors Relations
    402-952-1235

    The MIL Network –

  • MIL-OSI China: China’s commerce ministry urges US to stop wielding tariffs as coercive tool

    Source: China State Council Information Office

    The United States should refrain from wielding the big stick of tariffs and using them as a coercive tool, China’s Ministry of Commerce said on Thursday.

    Ministry spokesperson He Yadong made the remarks in response to a media inquiry about the Unites States’ recent announcement that it will impose “reciprocal tariffs” on its trading partners. “China is deeply concerned about the move,” He said.

    The spokesperson noted that international trade is based on each country’s resource endowments and comparative advantages, and aims to promote global economic growth and enhance the welfare of people worldwide.

    The U.S.-proposed “reciprocal tariffs” violate World Trade Organization rules and disregard the balance of interests established through nearly 80 years of multilateral trade negotiations. The U.S. approach also ignores the significant benefits of international trade that the country has long enjoyed, exemplifying unilateralism and protectionism, he said.

    It will severely damage the multilateral trading system, which relies on principles such as the most-favored-nation principle, and will disrupt global supply chains, he said.

    It will also introduce tremendous uncertainty to normal international economic and trade activities, the spokesperson said, stressing that many countries have explicitly voiced opposition to the U.S. approach.

    “A trade war offers no way out and produces no winners,” he said. “The United States should correct its erroneous practices and work with all countries to find solutions through equal consultation.” 

    MIL OSI China News –

  • MIL-OSI China: The Philippines should stop gambling on the South China Sea issue

    Source: China State Council Information Office

    Chinese naval and air forces warned off a Philippine C-208 aircraft that intruded illegally into Chinese territorial airspace over Huangyan Dao Tuesday. Clearly, Manila has not ceased making waves in the South China Sea.

    As Manila resorts to various means to pursue its illegal territorial claims, it is undermining peace and stability in the region. The Philippine government should put an end to its irresponsible and dangerous gamble, which may lead to geopolitical confrontation and turn the South China Sea into a conflict flashpoint.

    The Philippines plans to allow more powers from outside the region to build a military presence on its land. It has also repeatedly involved non-regional countries in its so-called joint patrols of the South China Sea. These countries talk of rules, order and freedom of navigation, yet they take actions that infringe on China’s territorial sovereignty and threaten China’s national security.

    When the roar of foreign warships overwhelms the sound of fishing boats, the Philippines’ security gamble risks hollowing out the foundations of regional peace.

    “The Philippines has no major external security threats, but has turned itself into a country that undermines regional peace and stability through a militarization carnival,” said Ding Duo, director of the Research Center for International and Regional Issues at the National Institute for South China Sea Studies.

    Going back on its word, the Philippines has absurdly used the deployment of the U.S. Typhon mid-range missile system as a bargaining chip in discussions on the South China Sea issue. In July 2024, a Philippine Army spokesman told AFP that “it will be shipped out of the country in September or even earlier.”

    This is reminiscent of another case of Manila reneging on its promises. In 1999, Philippine military vessel BRP Sierra Madre was illegally “grounded” on Ren’ai Jiao, which is part of China’s Nansha Qundao. The Philippines repeatedly pledged that it would tow the vessel away, yet it is still there today.

    The territory of the Philippines is defined by a series of international treaties. China’s Nansha Qundao and Huangyan Dao fall outside of Philippine territory.

    At the heart of the disputes in the South China Sea between China and the Philippines are the Philippines’ invasion and illegal occupation of certain islands and reefs that belong to China’s Nansha Qundao.

    When it comes to resolving these disputes in the South China Sea, the Philippines’ tactics — playing the victim and launching smear campaigns — will not work. Military provocations, even in collusion with other countries, will not work either. China will resolutely counter any provocations or infringements that threaten its territorial sovereignty or maritime rights and interests.

    Peace and stability in the South China Sea serve the common interests of countries in the region and around the world. China has always been committed to resolving disputes in the South China Sea through peaceful means, and to promoting regional cooperation and development.

    The Philippines should respect the facts of history, abide by the Declaration on the Conduct of Parties in the South China Sea (DOC), and consistently and truly honor its commitment to handling its differences with China properly through dialogue and consultation. Becoming a pawn of external forces is not a feasible tactic and could put a country in a more passive position. 

    MIL OSI China News –

  • MIL-OSI China: China doubles down on boosting appeal to foreign investment

    Source: People’s Republic of China – State Council News

    A policy briefing on expanding high-standard opening up and ensuring foreign investment stability in 2025 is held by the State Council Information Office in Beijing, capital of China, Feb. 20, 2025. [Photo/Xinhua]

    BEIJING, Feb. 20 — Amid simmering global trade tensions and a surge in protectionism, China is ramping up efforts to expand high-standard opening up and reinforce its appeal to foreign investment, providing the much-needed certainty and opportunity to global businesses.

    From unveiling a comprehensive action plan to attract foreign investment to further easing market access restrictions for investment, China is leveraging its vast domestic market, dynamic innovation and long-term economic resilience to cement its status as a magnet for foreign investment.

    GREATER APPEAL

    “Foreign investment has been a witness and contributor to, as well as beneficiary of China’s reform and opening up,” Ling Ji, vice minister of commerce and deputy China international trade representative, said Thursday at a press conference.

    According to Ling, foreign-invested enterprises now contribute nearly 7 percent of China’s employment, one-seventh of tax revenue and about one-third of its imports and exports.

    Multinationals are optimistic about the long-term prospects of investing in China and have a strong willingness to expand their presence in the country, Zhu Bing, an official with the Ministry of Commerce, said at the press conference.

    Although the foreign direct investment (FDI) in the Chinese mainland remained subdued amid a global downturn, signs of improvement have started to emerge. FDI in the Chinese mainland in actual use totaled 97.59 billion yuan (about 13.61 billion U.S. dollars) in January, up 27.5 percent from the previous month.

    In terms of source countries, FDI from the United Kingdom, the Republic of Korea, the Netherlands and Japan surged 324.4 percent, 104.3 percent, 76.1 percent and 40.7 percent, respectively, last month.

    With vast business opportunities and dynamic innovation, the Chinese market has always been a top priority for multinationals, Zhu said, adding that China, as always, welcomes businesses from all countries to continue increasing investment in China and sharing its development opportunities.

    STRONGER SUPPORT

    Despite rising trade protectionism and geopolitical tensions, China has stayed committed to expanding high-standard opening up and fostering a business environment that is market-oriented, law-based and internationalized.

    Amid the country’s latest efforts to encourage foreign investment, a new action plan was unveiled Wednesday to stabilize foreign investment, with 20 specific measures in four aspects, including further expanding market access in various sectors and increasing efforts to promote investment.

    Among the measures, the plan will encourage foreign equity investment in China to attract more high-quality FDI in the country’s listed companies.

    The country will continue expanding its pilot programs to open up fields such as telecommunication and medical services in a timely manner. It will also lift restrictions on domestic loans for foreign-invested enterprises, allowing these firms to use domestic financing for equity investments, according to the plan.

    Since 2024, the country has introduced measures to expand opening up in sectors such as value-added telecommunications and healthcare, completely removed foreign investment access restrictions in manufacturing, and reduced nationwide foreign investment access restrictions from 31 to 29 items.

    Looking forward, Hua Zhong, an official with the National Development and Reform Commission, said the country would align with high-standard international economic and trade rules in areas including property rights protection, industrial subsidies, environmental standards and government procurement.

    The country is working on expanding the catalog of encouraged industries for foreign investment, and will release the 2025 edition as soon as possible, Hua said. He noted that the new catalog will include sectors such as advanced manufacturing, modern services, high-tech as well as energy saving and environmental protection.

    Zhu said China would further broaden market access by shortening the negative list for investment this year, a move set to benefit all market entities, including foreign companies.

    “With these newly-introduced foreign investment policies taking effect, the ‘magnetic appeal’ of the Chinese market to foreign investment will only grow stronger,” he said.

    MIL OSI China News –

  • MIL-OSI China: Mainland branches of HK, Macao banks to offer foreign currency bank card services

    Source: People’s Republic of China – State Council News

    Mainland branches of HK, Macao banks to offer foreign currency bank card services

    BEIJING, Feb. 20 — The National Financial Regulatory Administration on Thursday authorized mainland branches of Hong Kong and Macao banks to offer foreign currency bank card services.

    The bank branches are also permitted to provide RMB card services for clients other than citizens of the mainland.

    These policies will take effect on March 1.

    The move aims to promote high-standard opening-up, boost financial support for the Guangdong-Hong Kong-Macao Greater Bay Area, deepen financial cooperation between the mainland and Hong Kong and Macao, and improve the quality and efficiency of financial services provided by the mainland branches of Hong Kong and Macao banks.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: CE meets President of Xinhua News Agency (with photo)

    Source: Hong Kong Government special administrative region

    CE meets President of Xinhua News Agency (with photo)
    CE meets President of Xinhua News Agency (with photo)
    *****************************************************

         The Chief Executive, Mr John Lee, met with the President of the Xinhua News Agency, Mr Fu Hua, at Government House today (February 20) to exchange views on enhancing co-operation between the Hong Kong Special Administrative Region (SAR) Government and the Xinhua News Agency. Also attending the meeting were the Director of the Chief Executive’s Office, Ms Carol Yip, and the Director of Information Services, Mrs Apollonia Liu.           Mr Lee welcomed Mr Fu and his delegation to Hong Kong. Mr Lee said that the Xinhua News Agency, the country’s national news agency, is an influential world-class media organisation with a global network for news and information collection. He expressed gratitude to the Xinhua News Agency for its comprehensive coverage of Hong Kong news over the years, including major policies and measures of the Hong Kong SAR Government, and for disseminating the latest and most accurate information about Hong Kong to the world promptly and professionally, enabling overseas companies, investors, talent, and tourists to understand the actual developments in Hong Kong and to accurately recognise the city’s real and positive image.           Noting that a series of major events will be held in Hong Kong this year, Mr Lee said that the Hong Kong SAR Government will continue to leverage Hong Kong’s unique advantages under the “one country, two systems” principle, reinforce the city’s connectivity with both the Mainland and the world, and actively explore new economic growth points. The Hong Kong SAR Government will also continue to work with the Xinhua News Agency to tell the good stories of China and Hong Kong and enhance co-operation in publicity.      

     
    Ends/Thursday, February 20, 2025Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Correctional Services Department Annual Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

    Correctional Services Department Annual Review 2024 (with photos)
    Correctional Services Department Annual Review 2024 (with photos)
    *****************************************************************

         The following is the translation of the speech given by the Commissioner of Correctional Services, Mr Wong Kwok-hing, at the annual press conference today (February 20): Foreword      The Safeguarding National Security Ordinance officially came into effect upon gazettal in 2024, reflecting the determination of the Hong Kong Special Administrative Region Government to safeguard national security and building momentum for stable social development. Shouldering the missions of safeguarding national security and maintaining social stability, the Correctional Services Department (CSD) was committed to ensuring the effective delivery of its custodial and rehabilitation work in the past year. At the same time, the CSD has been actively extending its reach beyond the prison walls to proactively promote support for offender rehabilitation and conduct crime prevention education in the community through utilising the CSD’s unique resources, with a view to nurturing young people into law-abiding social leaders. (1) Overview of penal population      In 2024, the number of admissions to correctional institutions (including convicted persons, remands and detainees) increased 7 per cent to 18 438 as compared with 2023. In addition, the average daily penal population at correctional institutions also increased significantly to 9 550 persons in 2024 from 8 498 persons in 2023, representing an increase of 12 per cent. The average daily occupancy rate also rose from 75 per cent to 85 per cent.      The year-on-year rate of increase in the average daily number of remands has been over 15 per cent since 2021. The respective number of persons stood high at 3 650 in 2024, representing an increase of 18 per cent as compared with 3 096 persons in 2023, which hit a new record high since 2000.       On the other hand, since 2021, the CSD has assisted to detain adult detainees who are non-Hong Kong residents detained under the Immigration Ordinance. The number of detainees increased by 36 per cent, from 580 in 2023 to 787 in 2024, while the average daily number of detainees substantially increased by 72 per cent from 185 in 2023 to 318 in 2024.       In 2024, the number of admissions to correctional institutions owing to their involvement in offences relating to the black-clad violence (including riots, unlawful assembly) and their contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance was 410 (64 of them were involved in the contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance). Compared to 950 in 2023, the number of such admissions dropped by 540, representing a decrease of 57 per cent. As at December 31, 2024, the number of persons in custody involved in offences relating to the black-clad violence and those contravening the Hong Kong National Security Law/Safeguarding National Security Ordinance was 591, representing a decrease of 24 per cent as compared to 776 in 2023.      In response to the ever-changing penal population, especially the increasing population of remands, the CSD has deployed part of the capacity of individual correctional institutions to admit remands in order to alleviate the overcrowding situation of the reception centre. Moreover, the Department has already commenced the in-situ partial redevelopment of Lai Chi Kok Reception Centre, which will increase its capacity for admitting adult male remands in the long run. The Department will continue to closely monitor the changes in penal population and flexibly redeploy resources having regard to the actual operational needs to adjust the capacity for persons on remand in a timely manner. (2) Custodial work      Despite the increasing number of admissions and the growing penal population in the past year, which posed formidable challenges to both the governance and security of correctional institutions, correctional officers continued to stay united and stand fast to their posts. With the continued adoption of the nip-in-the-bud strategy, under which intelligence collection and search operations were stepped up, coupled with the application of technology and the upgrading of facilities and equipment, we strived to combat illicit activities and acts of indiscipline, thereby maintaining the good order and discipline of correctional institutions.      With regard to intercepting the smuggling of dangerous drugs into institutions, under the intensive measures by the Department, there were only six seizure cases of suspected dangerous drugs last year, representing a significant decrease of over 60 per cent as compared with 16 cases in 2023. Five of the cases were found in body-cavity concealment of newly admitted persons in custody; and the remaining one case was found in the mail sent to a person in custody. In addition, the Department continued to take a proactive approach by conducting a total of 12 547 joint search/special search/night raid operations in correctional institutions last year, covering 20 589 locations. Mobile X-ray scanners were also introduced to enhance the efficacy of search operations and strengthen the deterrent effect.          In 2024, as the number of admissions to and the penal population of correctional institutions kept increasing, the number of cases involving acts of indiscipline and violent acts among persons in custody also rose. In 2024, the number of disciplinary charges against persons in custody was 6 393. Counted against the penal population, there were 669 disciplinary cases per 1 000 persons in custody, representing an increase of 7 per cent as compared with 628 cases in 2023. The top three charges were “offending good order and discipline”, “possession of any unauthorised article” and “disobeying the orders of correctional officers”, which accounted for 35 per cent, 28 per cent and 18 per cent of the total number of disciplinary charges respectively. In 2024, a total of 3 412 persons in custody were subject to disciplinary charges, representing an increase of 401 persons or 13 per cent as compared with 3 011 persons in 2023. Among them, 618 committed disciplinary offences three or more times, involving 2 837 disciplinary charges, which accounted for 44 per cent of the total number of disciplinary charges.      In 2024, a total of 382 cases involving violent acts were recorded, representing an increase of 9 per cent as compared with 351 cases in 2023. These cases mainly involved fighting among persons in custody and assaulting others. Among these cases, 26 cases of a more serious nature were referred to the Police for follow-up, representing an increase of 18 per cent as compared to 22 cases in 2023. The number of correctional officers who were injured after being attacked or while stopping violent acts was 20, representing an increase of 33 per cent as compared to 15 in 2023.       In 2024, five cases of concerted acts of indiscipline among persons in custody were recorded, representing an increase of one case over 2023. The number of participants involved in the above incidents was 49 in total.      To maintain the good order and discipline of correctional institutions, apart from combating various kinds of acts of indiscipline through strict law enforcement by institutional staff, the Regional Response Team carried out a total of four operations in 2024 to support the security work of correctional institutions, which involved the handling of incidents like collective actions against the institutional management and group fights among persons in custody.       Apart from combating illicit activities and acts of indiscipline among persons in custody, correctional officers must stay vigilant at all times to detect and prevent any self-harm acts by persons in custody. Under the concerted efforts of correctional officers, a total of 18 self-harm cases were recorded in 2024, representing a significant decrease of 40 per cent as compared with 30 cases in 2023. (3) Rehabilitation      In 2024, the Department enhanced its rehabilitation work on all fronts by fully implementing various measures, including strengthening the determination of persons in custody to rehabilitate, extending the reach of rehabilitation programmes beyond the prison walls, and making an all-out effort to seek participation in and support for rehabilitation work from all sectors of the community, with a view to assisting persons in custody to turn over a new leaf and reintegrate into society.      To address the special rehabilitation needs of persons in custody involved in the black-clad violence and contravening the Hong Kong National Security Law/ Safeguarding National Security Ordinance, the Department continued to launch a number of diversified rehabilitation programmes under the Project PATH to enhance their knowledge of the Chinese traditional culture, foster good character and moral education, and teach them to appreciate and pass down Chinese culture. A flag-raising and foot drill competition was held for the first time with an aim to enhance their sense of national identity.      Furthermore, to enable persons in custody to obtain more opportunities for upward mobility, the CSD launched “Project JET” in October 2022 to provide one-stop training and career development opportunities for persons in custody, encouraging them to make life planning early, make full use of their talents and contribute to society. The project includes life planning, in-centre training, post-release internship, formal employment and a mentoring scheme. “Project JET” was awarded the Community Corrections Award, an excellence award by the International Corrections and Prisons Association last year.      The CSD launched the Rehabilitation Dog Services in early 2024 at Lo Wu Correctional Institution and Phoenix House to provide animal-assisted therapies to persons in custody in need, with a view to improving their depression and anxiety and reducing their violent tendencies. Moreover, the Rehabilitation Dog Services Internship Programme implemented at Phoenix House helps halfway house trainees build self-confidence and develop a sense of responsibility through caring for rehabilitation dogs. Trainees and rehabilitation dogs were arranged to visit elderly service centres to conduct caring visits, thereby giving back to society.      In 2024, the Department also set up two family therapy centres at the Multi-purpose Family and Rehabilitation Service Centres in Tuen Mun and Sheung Shui to organise different kinds of treatment programmes for rehabilitated drug addicts under statutory supervision and rehabilitated persons with violent tendencies or radical thoughts. By extending the in-prison psychological and family counselling services to the community, the Department aims to help them resolve family problems so that they can rebuild family relationships smoothly.      In 2024, the Department set up the Correctional Rehabilitation Research Unit to envision evidence-informed rehabilitation services through promoting research and making reference to the latest international research findings. Last year, the Unit published two issues of “Insight”, a research bulletin, with contents covering “the effect of education programmes on the psychological conditions and rehabilitation motives of persons in custody”, “how rehabilitation dogs enhance psychological health”, and “the application of sports activities on male persons in custody”. Moreover, the Unit has also endeavoured to enhance professional exchanges and its network with overseas, Mainland and local research consultants and practitioners, so that they can consider collaborative research issues on rehabilitation services.      On education, to further enable the inaugural graduates of the Ethics College who have obtained the Diploma of Applied Education to pursue higher qualifications, a two-year full-time Associate of General Studies distance programme was organised in the Ethics College in September 2024 to provide persons in custody with an option for further studies. Meanwhile, the CSD has also extended the Ethics College to Pik Uk Prison to provide a half-day Associate of General Studies programme and half-day vocational training for graduates of the Ethics College who are unable to complete the associate degree programme during the remainder of their sentences. This allows them to receive short-term educational and vocational training and continuously equip themselves in preparation for reintegration into society for academic and career pursuits upon their imminent release.      The overall passing rate of public examinations taken by persons in custody was 88.4 per cent last year (85.3 per cent and 90.6 per cent for adult and young persons in custody respectively), representing an increase of 5.7 percentage points over 2023. One person in custody obtained a total of 25 marks in six papers under the Hong Kong Diploma of Secondary Education Examination. Four additional persons met the general entrance requirements for local universities. Moreover, one person in custody was awarded a doctoral degree, and 11 others were awarded bachelor’s degrees.      On vocational training, the Department provides 13 market-oriented vocational training courses to young persons in custody, and 43 vocational training courses with more than 1 700 training places, an increase of 300 places as compared with 2023, for lawfully residing adult persons in custody who are due for discharge within 24 months and eligible for employment to enrol on a voluntary basis.       Last year, the overall passing rate of vocational training examinations taken by persons in custody was 99.5 per cent (99.3 per cent and 100 per cent for adult and young persons in custody respectively). Their employment rates after six months of employment follow-up period upon release were 87.3 per cent and 78.4 per cent respectively.　　      Moreover, the Department has endeavoured to establish close partnerships with organisations and individuals from different sectors of the community, with a view to providing comprehensive rehabilitation services. The Department held in June last year the first Rehabilitation Partners Award Scheme Presentation Ceremony to honour 120 non-governmental organisations (NGOs), charitable institutions, commercial organisations, post-secondary institutions, etc, in recognition of their active support for persons in custody and rehabilitated persons over the past two years, as well as to encourage different sectors of the community to become Rehabilitation Partners and support rehabilitation work.　　     Over the past 20 years and so, based on the year of discharge, Hong Kong’s recidivism rate (the percentage of readmission of local persons in custody to correctional institutions following conviction for a new offence within two years after discharge) has recorded a significant decrease from 39.9 per cent in 2000 to 21.8 per cent in 2022. The hard-earned result reflects the perseverance and hard work of correctional officers, the firm determination of persons in custody and rehabilitated offenders to turn over a new leaf, as well as the support for offender rehabilitation from all sectors of the community. (4) Community education      The CSD’s Rehabilitation Pioneer Project (RPP) provides a series of community education activities to disseminate to young people the four key messages of safeguarding our country and home, leading a law-abiding and drug-free life as well as supporting offender rehabilitation. Last year, the Department strengthened its patriotic education for young people to enhance their sense of national identity and raise their understanding of our country. A total of 45 133 participants joined various RPP activities last year, representing an increase of 2.5 per cent as compared with 44 015 in 2023.      To further promote the coverage of the Rehabilitation Pioneer Leaders (RPL) in the community, the Department continued a school-based programme to provide on-campus training. Currently, a total of six schools have joined the school-based programme, and the total number of RPL trainees has exceeded 600, representing an increase of 49 per cent as compared to that at the end of 2023. The Department also continued to enhance the diverse training programmes for RPL to help them develop their potential, including organising two certificate courses in 2024, namely Foundation Certificate in Correctional Studies and Criminal Legal Studies and Foundation Certificate in Moral and Personal Management, both pitched at Level 2 under the Hong Kong Qualifications Framework for Secondary One to Three RPL trainees to strengthen their awareness of making joint effort to build a society underpinned by the rule of law, foster positive thinking and establish good virtues.      Upholding the principle of sustainable development, the Department launched an initiative called “Captain Gor Union” and its mobile application last December, establishing a membership system for the RPP to recruit primary and secondary students as members. The members will then be arranged to join different activities promoting national security, national education, crime prevention, anti-drug and support for offender rehabilitation messages, as well as cultural exchange activities. The new membership system not only makes youth development work more systematic and sustainable but also helps recruit young people with great potential to join the RPL, with a view to continuously bringing in new blood to the Department’s youth uniformed group.      The Department organised different types of exchange activities under the theme “exploring our country ･ caring the community” last year. RPL trainees were arranged to visit different places on the Mainland, such as Wuhan, Beijing, Tianjin and Urumqi, and participate in volunteer activities. In addition, at the end of last year, the Department implemented a comprehensive co-operation programme with the charitable organisation, Long Caring, and arranged for RPL trainees to be the first uniformed youth group to join a tour to the Hong’an Hope Town in Hubei to enable them to learn about our country’s poverty alleviation work and the road to great rejuvenation of the Chinese nation.      Furthermore, in celebration of the 75th anniversary of the founding of the People’s Republic of China, the Department organised the first 3×3 Basketball Invitation Game for Hong Kong Uniformed Youth Groups in celebration of National Day last October to unite different uniformed youth groups in Hong Kong, aiming to promote patriotism through positive sport games, enhance young people’s sense of national identity and nurture them into a new generation with an affection for our country and Hong Kong and a positive mindset. (5) Human resources      In 2024, a total of 30 Officers and 344 Assistant Officers II were recruited. As at December 31, 2024, there were 674 vacancies for disciplined staff, accounting for 10.3 per cent of the overall establishment of the Department. The Department continued to implement the Post-retirement Service Contract Scheme last year to relieve the manpower strain. As at December 31, 2024, a total of 127 retirees were recruited. About 45 Officers are expected to be recruited this year, and the year-round recruitment for the post of Assistant Officer II will continue to fill the relevant vacancies.      Multipronged recruitment strategies were adopted last year to attract more talents who aspire to serve the community to join the Department, which achieved remarkable overall results. The total number of Assistant Officers II recruited in 2024 saw an increase of 18.6 per cent as compared with 290 in 2023.      In addition, the Department continued to work closely with different support service centres for ethnic minorities and schools last year. A variety of activities were organised to attract non-ethnic Chinese to apply for the vacancies of the CSD. In 2024, an additional 13 non-ethnic Chinese correctional officers were appointed. As at December 31, 2024, a total of 66 non-ethnic Chinese correctional officers were employed by the Department.      On staff training, to enhance patriotism and national security awareness among correctional officers, the Department continued to include training elements of national security, national education and patriotic education in the recruit training and training courses for serving staff, including inviting legal professionals and renowned scholars to host talks and sharing sessions, and arranging for correctional officers to visit the National Security Exhibition Gallery, the Patriotic Education Centre and the Chinese People’s Liberation Army Hong Kong Garrison Exhibition Center at Ngong Shuen Chau Barracks, as well as organising study and exchange visits to the Mainland for correctional staff. In 2024, 130 related activities were organised by the Department with over 2 600 staff members participating in the activities. (6) Application of innovation and technology      Last year, the Department continued to introduce innovation and technology projects to correctional facilities to assist the institutional management in enhancing management and operational efficiency and raising the security level of facilities. For example, the Department introduced the Second Generation Automatic Drone Patrol and Monitoring System to Tong Fuk Correctional Institution and implemented the Artificial Intelligence Coastal Surveillance System on Hei Ling Chau.      In addition, the Department continued its efforts to tie in with the Government’s Smart City Blueprint by digitising its public services. The Approved Hand-in Articles e-Ordering Service was implemented in all correctional institutions last December, enabling relatives and friends of persons in custody to purchase approved hand-in articles for them via an online platform. The articles are directly delivered to the correctional institutions concerned by the supplier. The service not only reduces the time visitors spend sourcing the articles in the market and the inconvenience of carrying them to the correctional institutions, but also shortens the time for correctional officers to conduct security checks and handle the articles, thereby enhancing the operational efficiency of correctional institutions.      Meanwhile, the CSD launched two new technology projects, namely Digital Incarceration Proof and Chatbot Service, at the end of last year to bring convenience to the public. Members of the public may apply for the Digital Incarceration Proof through the “iAM Smart” mobile application, instead of having to visit the CSD Headquarters in person as in the past. Furthermore, the Chatbot Service is provided on the CSD website and its mobile application. Through the use of chatbot “Ching Ching” to handle public enquiries, the efficiency of the public enquiry service can be raised. (7) Deepening collaboration with the Mainland and international partners      The CSD has been fostering professional collaboration with the Mainland and overseas correctional institutions to establish close partnerships and create opportunities for co-operation on issues of mutual concern, making its best endeavours to tell good correctional stories and to tell good stories of Hong Kong.      The Department held the first Greater Bay Area Correctional Services Tactical Skills Competition in January this year, with the participation of seven teams from correctional organisations in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The event effectively facilitated the exchange of experiences in crisis management between the CSD and correctional organisations in the GBA, with a view to enhancing the tactical skills of the response teams and their emergency response capabilities.      Apart from fostering exchanges and connections within the GBA, the Department has also actively integrated into our country’s Belt and Road Initiative. In March last year, the Department and the Hungarian Prison Service (with Hungary being the first European country to sign the Belt and Road co-operation agreement) signed a Memorandum of Understanding. Through formulating and promoting co-operation programmes including experience sharing in correctional services, personnel exchanges and joint research, the development of the two correctional authorities could be enhanced, and long-term co-operation relationship could be established, thereby deepening professional exchanges about international correctional services.      In November last year, the Department further enhanced its role as an international link by hosting the 42nd Asian and Pacific Conference of Correctional Administrators. About 140 correctional chiefs and representatives from 30 Asia-Pacific countries and regions (including 16 Belt and Road countries) attended the Conference, themed “Collaboration for Sustainable and High-quality Development”, to conduct professional exchanges about correctional services and the future development, with a view to strengthening and facilitating regional co-operation and further enabling counterparts from different places to gain a better understanding of the unique advantages and latest developments of Hong Kong’s correctional system. (8) Priorities in the coming year      Concluding its efforts made in 2024, the CSD achieved significant progress in various areas of its work. Looking forward, the Department will build on its success and seek changes while maintaining stability. We will continue to make innovations with professionalism in the three major areas of work, namely custodial work, rehabilitation and community education, with a view to making the CSD an internationally acclaimed correctional services institution.      On custodial work, following the successful organisation of the Greater Bay Area Correctional Services Tactical Skills Competition early this year, the CSD plans to set up the Hong Kong Correctional Services Response Tactics Training Base at Cape Collinson Correctional Institution to provide professional tactical skills training courses for officers of correctional institutions on the Mainland and overseas as well as local law enforcement officers to facilitate in-depth exchanges of response tactics and related skills between correctional institutions and professional law enforcement agencies in different jurisdictions and the CSD’s response teams, thereby enhancing their professionalism and response capabilities to deal with prison emergencies.      The Department will continue to introduce elements of innovation and technology into correctional facilities to raise operational efficiency, enhance institutional security and strengthen the self-management ability of persons in custody. These include the installation of the Persons in Custody Integrated Intelligent Communication System, the Electric Locks Security System, the Movement and Location Monitoring System, the Smart Visitor Management System, etc, in different institutions progressively. Moreover, the Department plans to set up a Penal Lab at Cape Collinson Correctional Institution jointly with the Hong Kong Science and Technology Parks Corporation in the first half of this year, where tailor-made innovative solutions can be tested, so that more smart initiatives tailored for penal settings can be introduced to enhance operational efficacy and service quality of the Department.      Following the launch of the Social Visit e-Booking Service, the Department plans to introduce a new e-booking option for video social visits to enable relatives and friends of persons in custody to make appointments via the Department’s webpage or its mobile application for video visits at the five Multi-purpose Family and Rehabilitation Service Centres located in the urban area. The new service can not only enhance the operational efficiency of the Department but also bring convenience to relatives and friends of persons in custody.      As for rehabilitation work, the Correctional Rehabilitation Research Unit will continue to carry out research studies in collaboration with local universities to promote evidence-informed rehabilitation services. The Unit plans to share its research findings with stakeholders and the public this year, including rehabilitated persons’ desistance from re-offending, and the use of social media of young persons in custody before incarceration and its impact on their mental health, in the hope of providing guidance on the formulation of future strategies for rehabilitation and crime prevention work.      Moreover, to address the rehabilitation needs of persons in custody serving short-term prison sentences, the Department is in discussion with an NGO to provide with them one-stop rehabilitation support services during imprisonment and after release, which include assessments made by professional social workers, participation in personal growth sessions, and the establishment of a positive social network after release. Such services can help rehabilitated persons establish positive values, develop law-abiding awareness, explore personal strengths, build self-confidence and set life goals, thereby reducing their recidivism risk. Under the collaborative project, the Correctional Rehabilitation Research Unit will carry out a three-year research project in collaboration with a local university and an NGO to track the rehabilitation situation of service users after release.      Furthermore, in view of the remarkable results of the Rehabilitation Dog Services Programme launched last year, the Department plans to conduct further studies with local universities and extend the programme to institutions for adult male persons in custody, with a view to benefitting more persons in custody in need.                  As regards community education, the Department will strengthen youth education in terms of its breadth and depth to nurture young people into a new generation with law-abiding awareness and affection for our country and Hong Kong.      With regard to expanding the breadth of youth education, the Department will make greater effort to enhance its connection with schools in various districts to further increase the number of schools joining the school-based RPL programme to recruit more RPL trainees.      The Department will extend its collaboration with other departments to jointly organise more publicity activities to promote crime prevention and anti-drug messages. For example, in view of an escalating trend of taking “space oil drug”, the Department will join hands with the Narcotics Division to organise the Creation and Rehabilitation Programme under the theme of “space oil drug” at Stanley Prison next month to disseminate anti-drug messages to participating students.       With regard to expanding the depth of youth education, to encourage young people to obtain an in-depth understanding of our country’s overall development trend, the Department will provide RPL trainees with job tasting opportunities on the Mainland to enable them to establish Mainland networking and raise their understanding of the Mainland market to assist them in realising their life planning and seizing national development opportunities.      A microfilm premiere on national security will be held this April to deepen the dissemination of messages about national security and the importance of the rule of law among participating secondary students and members of youth uniformed groups.      Lastly, in order to enhance the promotion of correctional work and the dissemination of the message of support for offender rehabilitation to the general public, since January this year, the Correctional Services Department Sports Association (CSDSA) has operated an online gift sales platform for charity named “Made in Prison” (MIP), which aims to foster a caring heart in the community through the sale of handcraft products made by persons in custody to the public. The charity online gift sales platform is operated by the charity fund under the CSDSA. All proceeds from the sale, after deducting necessary costs, will be donated to various local registered charities, thereby promoting the development of the local charity industry as well as providing persons in custody with opportunities to contribute to society.      In its future development, the MIP will introduce more innovative green elements. The Department and the Hong Kong Polytechnic University (PolyU) signed a Memorandum of Understanding in early February this year, under which PolyU’s patented technology for making 3D printing material with spent coffee grounds will be applied to the industrial production work performed by persons in custody. PolyU will also provide vocational training in product design for persons in custody to assist them in designing more environmentally friendly spent coffee grounds products, which will be available for sale on the MIP platform. The development of the platform signifies the CSD’s sheer determination to care for the underprivileged, the environment and the community in an innovative way.

     
    Ends/Thursday, February 20, 2025Issued at HKT 15:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 6th Edition of the Delhi International Leather Expo begins at IICC,Yashobhoomi

    Source: Government of India (2)

    Posted On: 20 FEB 2025 11:59AM by PIB Delhi

    The Council for Leather Exports (CLE) is organising the 6th Edition of the Delhi International Leather Expo (DILEX) – Reverse Buyer Seller Meet (RBSM) during 20th and 21st February 2025 at the India International Convention & Expo Centre (IICC), Yashobhoomi, Dwarka, New Delhi, with funding support from the Government of India under the Market Access Initiative (MAI) Scheme. This landmark event is poised to strengthen India’s position in the global leather and footwear industry.

    The 6th edition boasts expanded participation with approximately 225 Indian exhibitors showcasing their latest collections across an 8,000-square-meter exhibition area, a significant increase from the previous edition. Its global reach has also grown, with over 200 foreign buyers from nearly 52 countries, including key markets in Europe and the U.S., compared to just 130+ last time. The event will take place in Hall 1B at IICC, offering a world-class venue, while robust domestic engagement is ensured with over 500 representatives from Indian buying houses, retailers, and trade buyers, fostering extensive networking opportunities.

    During the inauguration of the 6th Edition of the Delhi International Leather Expo (DILEX), organized by the Council for Leather Exports (CLE), Shri Vimal Anand, Joint Secretary of the Department of Commerce, remarked that the event marked a significant milestone in India’s global trade journey. He noted that in the post-COVID recovery phase, India’s leather and footwear industry had demonstrated exceptional resilience by expanding exports and positioning the country to achieve its ambitious targets, including a goal of USD 7 billion for FY 2025-26.

    Shri Anand, also shared that with favorable policies, such as import duty exemptions on wet blue leather and enhanced credit guarantees for MSMEs, India is well-positioned to capitalize on emerging global shifts—particularly in light of geopolitical changes and new market access opportunities, including tariff adjustments and the “China Plus One” demand.

    Shri RK Jalan, Chairman, Council for Leather Exports at the inauguration of DILEX 2025 said, “The 6th Edition of the Delhi International Leather Expo (DILEX) 2025 opens doors for the global leather and footwear sector amidst an evolving geopolitical landscape. As the world recovers from the pandemic and contends with disruptions like the Russia-Ukraine conflict, Trump Tariff era and China’s aggressive trade policies, India’s leather industry has shown resilience, achieving consecutive months of growth. With a positive trajectory, we aim to reach the Department of Commerce’s USD 7bn export target and position India among the top 5 global exporters by FY 2025-26.

    As India continues to expand its footprint in the global footwear and leather market, DILEX 2025 provides a critical platform for fostering international trade and collaboration. The event facilitates one-on-one business meetings, allowing manufacturers and exporters to engage directly with international buyers, thereby exploring viable sourcing alternatives. At a time when India is increasingly recognized as a “China Plus One” sourcing option, DILEX 2025 reaffirms the country’s commitment to innovation, sustainable growth, and excellence in the leather and footwear sectors.                                              

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104883) Visitor Counter : 63

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE, Xinhua head meet

    Source: Hong Kong Information Services

    Chief Executive John Lee met Xinhua News Agency President Fu Hua at Government House today to discuss enhancing co-operation between the Hong Kong Special Administrative Region Government and the news agency.

    Also attending the meeting were Director of the Chief Executive’s Office Carol Yip and Director of Information Services Apollonia Liu.

    Welcoming Mr Fu and his delegation to Hong Kong, Mr Lee said that the Xinhua News Agency, the country’s national news agency, is an influential world-class media organisation with a global network for news and information collection.

    The Chief Executive expressed gratitude to the news agency for its comprehensive coverage of Hong Kong news over the years, including major policies and measures of the Hong Kong SAR Government, and for disseminating the latest and most accurate information about Hong Kong to the world promptly and professionally.

    This enabled overseas companies, investors, talent and tourists to understand the actual developments in Hong Kong and accurately recognise the city’s real and positive image, he added.

    Noting that a series of major events will be held in Hong Kong this year, Mr Lee said the Hong Kong SAR Government will continue to leverage the city’s unique advantages under the “one country, two systems” principle, reinforce its connectivity with both the Mainland and the world, and actively explore new points for economic growth.

    He also said the Hong Kong SAR Government will work with the news agency to tell the good stories of both China and Hong Kong and enhance co-operation in publicity.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Terminal 5 of Xianyang International Airport put into operation

    Source: People’s Republic of China – State Council News

    Terminal 5 of Xianyang International Airport put into operation

    Updated: February 20, 2025 19:01 Xinhua
    People walk at the departure hall of Terminal 5 of Xianyang International Airport in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. The Terminal 5 of the Xianyang International Airport was officially put into operation on Thursday. Covering an area of 705,500 square meters, which is bigger than the total areas of the T1, T2 and T3 terminals, Terminal 5 allows the same floor departure of domestic and international passengers. It also sets up a museum to display cultural relics unearthed in Shaanxi. [Photo/Xinhua]
    The Terminal 5 of Xianyang International Airport is seen in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]
    A passenger waits for boarding at Terminal 5 of Xianyang International Airport in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]
    People walk at the departure hall of Terminal 5 of Xianyang International Airport in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]
    The Terminal 5 of Xianyang International Airport is seen in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]
    The departure hall is seen at Terminal 5 of Xianyang International Airport in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]
    A passenger poses for a photo with a giant sculpture of local snack “Roujiamo”, or Chinese hamburger, at the departure hall of Terminal 5 of Xianyang International Airport in Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]
    People look at an exhibit displayed at the airport museum in Terminal 5 of Xianyang International Airport, Xi’an, capital of northwest China’s Shaanxi Province, Feb. 20, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: China’s Tianwen-2 probe arrives at launch site

    Source: People’s Republic of China – State Council News

    BEIJING, Feb. 20 — China’s Tianwen-2 probe for asteroid exploration has arrived at the launch site of the Xichang Satellite Launch Center in southwest China’s Sichuan Province, the China National Space Administration said on Thursday.

    The Tianwen-2 probe is scheduled for launch in the first half of 2025. It will collect samples from a near-Earth asteroid coded 2016HO3 and explore a comet coded 311P, the agency said.

    Currently, facilities at the launch site are in good condition and preparatory work is underway as planned, the agency added.

    Asteroid 2016HO3, which runs stably near the Earth’s orbit, is known as Earth’s quasi-satellite. It contains ancient materials from the early solar system, making it a “living fossil” useful for studying how the solar system formed and evolved.

    Comet 311P orbits in the main asteroid belt between Mars and Jupiter. It displays features of both comets and asteroids. Studying it will help researchers learn more about the composition, structure and evolution of small space objects — filling gaps in our understanding of the solar system.

    MIL OSI China News –

  • MIL-OSI Russia: Window into the Cretaceous Period

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    As part of Darwin Week at Novosibirsk State University, Associate Professor of the Department of Historical Geology and Paleontology Faculty of Geology and Geophysics of NSU, PhD Igor Kosenko spoke about the Jehol biota, a unique ecosystem of the Cretaceous period discovered in China at the end of the last century, and how this discovery changed scientists’ understanding of dinosaurs and their contemporaries.

    — Over the past century and a half, our views on dinosaurs have changed significantly more than once. At first, they were imagined as huge, clumsy reptiles; by the middle of the 20th century, thanks to new finds, it became clear that many of them walked on two legs. By the end of the last century, the majority of dinosaurs appeared to us as small, nimble predators that hunted large herbivorous dinosaurs in packs. And the latest discoveries have shown us that some dinosaurs were not just small, warm-blooded predators, but also covered in feathers, — said Igor Kosenko.

    The latest findings were made possible by discoveries related to the Jehol biota, an ecosystem of the Lower Cretaceous (between 133 and 120 million years ago) that left fossils in the Yixian Formation and Jiufotang Formation in northeastern China.

    — One of the most important properties of the Jehol biota was the fantastic preservation of the objects that make it up. And this allowed paleontologists to learn much better what the world was like 120 million years ago, — Igor Kosenko emphasized.

    Typical representatives of this ecosystem are the Lycoptera fish, the Eosestheria conchostracans (freshwater bivalve crustaceans) and the Ephemeropsis mayfly larvae. But much more interesting were the fossils, which had completely atypical (for paleontology at the end of the last century) details.

    The most fantastic find is probably the feathered dinosaur – Sinosauropteryx. In the same rocks, imprints of pterosaurs with hair-like structures were found. It turns out that these creatures were covered with fur. Another unique find is the imprints of feathered dinosaurs microraptors. In combination, these finds indicate that some kind of covering (hair or feathers) was typical of at least a number of dinosaurs. It is not for nothing that many scientists claim that they were closer to birds than to lizards.

    Thanks to the amazing preservation of fossils, scientists were able to learn much more not only about the appearance, but also the habits of dinosaurs. The discovery of skeletons of a dinosaur and a mammal fighting with each other confirmed that serious competition had already begun between these types of animals at this time. The location of other skeletons showed that in some dinosaur species, adults could guard flocks of cubs, and, judging by the number of such groups, these “caregivers” were grazing not only their own offspring, and this already speaks of a rather complex group hierarchy.

    Dinosaurs are not the only finds of paleontologists. In particular, the Jehol biota includes finds of some of the first angiosperms, which today are one of the most numerous groups of higher plants. But this is now, and initially the planet was dominated by gymnosperms – conifers and ferns. Fossils found in China made it possible to more accurately determine the boundaries of the beginning of the era of angiosperms, which then quickly took the leading positions. And their very first representatives grew in water bodies and were somewhat akin to water lilies.

    Recorded fossil finds belonging to the Jehol biota are not limited to the territory of modern China. The northernmost of them were discovered in Transbaikalia.

    — There is a famous joke about Russia being the homeland of elephants. With elephants, of course, this is debatable. But the most ancient fossils of this ecosystem were recorded here, and the first finds were also made not in China, but here, by the Russian scientist Middendorf before the revolution. He was the first to describe the location of the fossil fauna “Turga”, which is now also known as the “Middendorf outcrop”. Excavations there continue and regularly bring a variety of interesting finds, — Igor Kosenko emphasized.

    Thus, in the Kulinda valley in the Transbaikal region, the remains of another feathered dinosaur were found, called “Kulindadromeus zabaikalicus”. Despite its feathers, it could not fly, and is considered the most ancient non-avian feathered dinosaur to date.

    Scientists from the A.A. Trofimuk Institute of Petroleum Geology and Geophysics of the Siberian Branch of the Russian Academy of Sciences managed to clarify the age of the Turginskaya suite in the Middendorf outcrop, which had previously been the subject of debate in the scientific world. Fossil pollen of flowering plants was found in the samples, which made it possible to date them with a high degree of accuracy. According to their estimates, the age of the fossils may be about 125 million years, which made it possible to speak of these finds as the most ancient part of the biota.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Global: Why the US return to tariffs and protectionism ‘reeks of hypocrisy’ – podcast

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    Amani A/Shutterstock

     When Donald Trump imposed sweeping tariffs during his first term as US president, it sparked a trade war with China. As the Trump administration ratchets up its threat to tax imports from its allies and economic rivals alike, the world is bracing for another wave of costly economic disruption.

    This protectionist shift is all the more remarkable given how the US championed trade liberalisation for decades.

    So what does it actually take for a country to use protectionism to grow its economy? Some developing countries have successfully used tariffs to do so, while others have struggled. In this episode of The Conversation Weekly podcast, we talk to Jostein Hauge, a development economist at the University of Cambridge, about who wins and who loses from tariffs and protectionism.

    The main argument against taxing imports through tariffs is that the higher costs of imported goods will be passed onto consumers. The main argument in favour is that tariffs can help to protect a country’s domestic economy, explains Hauge:

     By using tariffs, you can, if they are used effectively, and if they’re successful, help domestic firms become better at producing what they’re producing and eventually become competitive in the world economy. Sometimes that’s successful, other times that’s not successful. It can also be an effective way of raising taxes, especially for countries that don’t have a lot of tax revenue, especially developing countries.

    A number of developing countries successfully used tariffs and other forms of protectionism to grow their economies in the 1950s and 1960s, as Hauge explains:

    South Korea gradually went from being a low-income, low-tech economy towards becoming extremely important players in global industries like electronics, automotive and steel.

    The US has also used tariffs throughout its history, with varying degrees of success. It was the most protectionist country in the world in the 1800s, using tariffs to grow its economy. But the Smoot-Hawley Act in 1930, which introduced a range of taxes on imports to the US, actually contributed to worsening the Great Depression.

    From the 1970s, however, the US aggressively pushed for trade liberalisation and backed the creation of the World Trade Organization in the 1990s. That’s why Hauge says the current return to US protectionism, which began during the first Trump administration and continued under Biden, “reeks of hypocrisy”.

     When rich countries were ahead in the 1970s, 1980s and 1990s, it made sense for them to preach the virtues of free trade to the rest of the world.  That is also why we’re seeing this protectionist turn right now, especially in the United States, but also to some degree in Europe, because now certain countries are starting to become competitive once again. In particular, China is now challenging the economic power of the United States, especially within a lot of manufactured goods, so the United States is now turning away from this doctrine of free trade, saying actually protectionism is useful.

    Listen to the conversation with Jostein Hauge on The Conversation Weekly podcast, which also includes an introduction from Tracy Walsh, economy and business editor at The Conversation US.

    This episode of The Conversation Weekly was written and produced by Mend Mariwany with assistance from Katie Flood and Gemma Ware, Sound design was by Michelle Macklem, and theme music by Neeta Sarl.

    Clips in this episode from CNN, Bloomberg Television, BBC News, CBS News and NBC News.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Jostein Hauge does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why the US return to tariffs and protectionism ‘reeks of hypocrisy’ – podcast – https://theconversation.com/why-the-us-return-to-tariffs-and-protectionism-reeks-of-hypocrisy-podcast-250329

    MIL OSI – Global Reports –

  • MIL-OSI: Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

    Fourth Quarter and Fiscal Year 2024 Highlights:

    • Total net revenues were RMB7.73 billion (US$1,059.6 million) in the fourth quarter and RMB26.83 billion (US$3,675.9 million) in 2024, representing increases of 22% and 19% year over year, respectively.
      • Advertising revenues were RMB2.39 billion (US$327.2 million) in the fourth quarter and RMB8.19 billion (US$1,121.9 million) in 2024, representing increases of 24% and 28% year over year, respectively.
      • Mobile games revenues were RMB1.80 billion (US$246.3 million) in the fourth quarter and RMB5.61 billion (US$768.6 million) in 2024, representing increases of 79% and 40% year over year, respectively.
    • Gross profit was RMB2.79 billion (US$382.0 million) in the fourth quarter and RMB8.77 billion (US$1,202.0 million) in 2024, representing increases of 68% and 61% year over year, respectively. Gross profit margin reached 36.1% in the fourth quarter and 32.7% in 2024, improving from 26.1% in the fourth quarter of 2023 and 24.2% in the year of 2023, respectively.
    • Net profit was RMB88.9 million (US$12.2 million) for the fourth quarter, compared with net loss of RMB1.30 billion in the same period last year. For 2024, net loss was RMB1.36 billion (US$186.8 million), narrowing by 72% year over year.
    • Adjusted net profit1 was RMB452.0 million (US$61.9 million) for the fourth quarter, compared with an adjusted net loss of RMB555.8 million in the same period last year. For 2024, adjusted net loss was RMB39.0 million (US$5.3 million), narrowing by 99% year over year.
    • Operating cash flow was RMB1.40 billion (US$191.9 million) for the fourth quarter and RMB6.01 billion (US$824.0 million) for 2024, compared with RMB640.4 million in the fourth quarter of 2023 and RMB266.6 million in the year of 2023, respectively.
    • Average daily active users (DAUs) were 103.0 million in the fourth quarter, compared with 100.1 million in the same period last year.

    “We closed 2024 on a strong note, achieving our first quarter of GAAP profitability—a milestone reflecting the value of our community and our relentless effort to enhance our commercialization efficiency,” said Mr. Rui Chen, chairman and chief executive officer of Bilibili. “In the fourth quarter, our DAUs and MAUs reached 103 million and 340 million, respectively, with users spending an average of 99 minutes daily on our platform. Throughout the year, we advanced our commercialization strategy and improved our products to meet users’ evolving content and consumption needs. For 2024, our total net revenues grew 19% year-over-year to RMB26.83 billion, driven by strong advertising and mobile games businesses, which saw revenue increases of 28% and 40%, both on year-over-year basis, respectively. We are also very encouraged by the emergence of new open-source AI models, making AI solutions accessible and cost-effective. Leveraging our high-quality and exclusive data assets, we expect to benefit even more from this remarkable revolution, unleashing greater value from our unique community.”

    Mr. Sam Fan, chief financial officer of Bilibili, said, “Strong growth in our high-margin advertising and mobile games businesses drove total net revenues up by 22% year over year in the fourth quarter. Gross profit surged by 68% year-over-year in the fourth quarter, leading to a 10 percentage-point increase in our gross profit margin to 36.1%. Meanwhile, we generated RMB6.01 billion in operating cash flow for the full year 2024. We also enhanced shareholder returns by repurchasing outstanding ADSs and convertible senior notes totaling US$864.8 million during the year. Looking ahead, we are determined to further unlock the value embedded within our community with more efficient commercialization products and services to drive sustainable profitability over the long run.”

    Fourth Quarter 2024 Financial Results

    Total net revenues. Total net revenues were RMB7.73 billion (US$1,059.6 million), representing an increase of 22% from the same period of 2023.

    Advertising. Revenues from advertising were RMB2.39 billion (US$327.2 million), representing an increase of 24% from the same period of 2023, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

    Mobile games. Revenues from mobile games were RMB1.80 billion (US$246.3 million), representing an increase of 79% from the same period of 2023, mainly attributable to the strong performance of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia launched in 2024.

    Value-added services (VAS). Revenues from VAS were RMB3.08 billion (US$422.4 million), representing an increase of 8% from the same period of 2023, led by increases in revenues from other value-added services and premium membership.

    IP derivatives and others. Revenues from IP derivatives and others were RMB464.9 million (US$63.7 million), representing a decrease of 16% from the same period of 2023.

    Cost of revenues. Cost of revenues was RMB4.95 billion (US$677.6 million), representing an increase of 5% from the same period of 2023. The increase was mainly due to higher revenue-sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key component of cost of revenues, were RMB3.17 billion (US$434.2 million), representing an increase of 12% from the same period of 2023, mainly due to the increase of mobile games-related revenue-sharing costs.

    Gross profit. Gross profit was RMB2.79 billion (US$382.0 million), representing an increase of 68% from the same period of 2023, mainly attributable to the growth in total net revenues and the decrease in costs related to platform operations, as the Company enhanced its monetization efficiency.

    Total operating expenses. Total operating expenses were RMB2.66 billion (US$364.7 million), representing a decrease of 10% from the same period of 2023.

    Sales and marketing expenses. Sales and marketing expenses were RMB1.24 billion (US$169.4 million), representing a 10% increase from the same period of 2023. The increase was primarily attributable to increased marketing expenses for the Company’s exclusively licensed games.

    General and administrative expenses. General and administrative expenses were RMB505.9 million (US$69.3 million), remaining flat compared with the same period of 2023.

    Research and development expenses. Research and development expenses were RMB919.3 million (US$125.9 million), representing a 31% decrease from the same period of 2023. The decrease was mainly attributable to the one-off termination expenses of certain game projects that occurred in the fourth quarter of 2023.

    Profit/(loss) from operations. Profit from operations was RMB126.4 million (US$17.3 million), compared with a loss of RMB1.30 billion from the same period of 2023.

    Adjusted profit/(loss) from operations1. Adjusted profit from operations was RMB463.1 million (US$63.4 million), compared with an adjusted loss from operations of RMB635.1 million from the same period of 2023.

    Total other (expenses)/income, net. Total other expenses were RMB61.0 million (US$8.4 million), compared with total other income of RMB13.1 million in the same period of 2023.

    Income tax benefit/(expense). Income tax benefit was RMB23.5 million (US$3.2 million), compared with income tax expense of RMB5.1 million in the same period of 2023.

    Net profit/(loss). Net profit was RMB88.9 million (US$12.2 million), compared with net loss of RMB1.30 billion from the same period of 2023.

    Adjusted net profit/(loss)1. Adjusted net profit was RMB452.0 million (US$61.9 million), compared with an adjusted net loss of RMB555.8 million in the same period of 2023.

    Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net profit per share were RMB0.22 (US$0.03) and RMB0.21 (US$0.03) each, compared with basic and diluted net loss per share of RMB3.13 each in the same period of 2023. Adjusted basic and diluted net profit per share were RMB1.08 (US$0.15) and RMB1.07 (US$0.15) each, compared with an adjusted basic and diluted net loss per share of RMB1.34 each in the same period of 2023.

    Net cash provided by operating activities. Net cash provided by operating activities was RMB1.40 billion (US$191.9 million), compared with net cash provided by operating activities of RMB640.4 million in the same period of 2023.

    Fiscal Year 2024 Financial Results

    Total net revenues. Total net revenues were RMB26.83 billion (US$3.68 billion), representing an increase of 19% from 2023.

    Advertising. Revenues from advertising were RMB8.19 billion (US$1,121.9 million), representing an increase of 28% from 2023, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

    Mobile games. Revenues from mobile games were RMB5.61 billion (US$768.6 million), representing an increase of 40% from 2023. The increase was mainly attributable to the strong performance of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia.

    Value-added services (VAS). Revenues from VAS were RMB11.00 billion (US$1.51 billion), representing an increase of 11% from 2023, led by an increase in revenues from live broadcasting and other value-added services.

    IP derivatives and others. Revenues from IP derivatives and others were RMB2.03 billion (US$278.5 million), representing a decrease of 7% from 2023.

    Cost of revenues. Cost of revenues was RMB18.06 billion (US$2.47 billion), representing an increase of 6% from 2023. The increase was mainly due to increased revenue sharing costs and server and bandwidth costs. Revenue-sharing costs, a key component of cost of revenues, were RMB10.80 billion (US$1.48 billion), representing an increase of 14% from 2023.

    Gross profit. Gross profit was RMB8.77 billion (US$1,202.0 million), representing an increase of 61% from 2023, primarily as a result of the growth in total net revenues and the decrease in costs related to platform operations, as the Company enhanced its monetization efficiency.

    Total operating expenses. Total operating expenses were RMB10.12 billion (US$1.39 billion), representing a decrease of 4% from 2023.

    Sales and marketing expenses. Sales and marketing expenses were RMB4.40 billion (US$603.0 million), representing a 12% increase from 2023. The increase was primarily attributable to increased marketing expenses for the Company’s exclusively licensed games.

    General and administrative expenses. General and administrative expenses were RMB2.03 billion (US$278.3 million), representing a 4% decrease from 2023. The decrease was primarily attributable to a decrease in general and administrative personnel headcount in 2024.

    Research and development expenses. Research and development expenses were RMB3.69 billion (US$504.9 million), representing an 18% decrease from 2023. The decrease was mainly attributable to a decrease in research and development personnel headcount in 2024 and the one-off termination expenses of certain game projects that occurred in the fourth quarter of 2023.

    Loss from operations. Loss from operations was RMB1.34 billion (US$184.1 million), narrowing by 73% from 2023.

    Adjusted loss from operations1. Adjusted loss from operations was RMB60.8 million (US$8.3 million), narrowing by 98% from 2023.

    Total other (expenses)/income, net. Total other expenses were RMB56.2 million (US$7.7 million), compared with total other income of RMB331.2 million in 2023. The change was primarily attributable to losses of RMB38.6 million from the repurchase of convertible senior notes in 2024, compared with gains of RMB292.2 million in 2023.

    Income tax benefit/(expense). Income tax benefit was RMB36.5 million (US$5.0 million), compared with income tax expense of RMB78.7 million in 2023.

    Net loss. Net loss was RMB1.36 billion (US$186.8 million), narrowing by 72% from 2023.

    Adjusted net loss1. Adjusted net loss was RMB39.0 million (US$5.3 million), narrowing by 99% from 2023.

    Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were RMB3.23 (US$0.44) each, compared with RMB11.67 each in 2023. Adjusted basic and diluted net loss per share were RMB0.05 (US$0.01) each, compared with RMB8.29 each in 2023.

    Net cash provided by operating activities. Net cash provided by operating activities was RMB6.01 billion (US$824.0 million), compared with net cash provided by operating activities of RMB266.6 million for 2023.

    Cash and cash equivalents, time deposits and short-term investments. As of December 31, 2024, the Company had cash and cash equivalents, time deposits and short-term investments of RMB16.54 billion (US$2.27 billion).

    Share Repurchase Program

    On November 14, 2024, the Company announced that its board of directors had approved a share repurchase program of up to US$200 million of its publicly traded securities over a 24-month period. As of December 31, 2024, the Company had repurchased a total of approximately 0.84 million ADSs under this authorized program for a total cost of US$16.4 million.

    Repurchase of Convertible Senior Notes

    In November 2024, the Company completed the repurchase right offer for its 0.50% Convertible Senior Notes due 2026 (the “December 2026 Notes”). An aggregate principal amount of US$419.1 million (RMB3.01 billion) of the December 2026 Notes was validly surrendered and repurchased with an aggregate cash consideration of US$419.1 million (RMB3.01 billion). After completion of this transaction, the aggregate outstanding principal amount of the April 2026 Notes, the 2027 Notes and the December 2026 Notes was US$13.4 million (RMB96.4 million).

    1 Adjusted profit/(loss) from operations, adjusted net profit/(loss), and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

    Conference Call

    The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on February 20, 2025 (8:00 PM Beijing/Hong Kong Time on February 20, 2025). Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

    Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.

    About Bilibili Inc.

    Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

    For more information, please visit: http://ir.bilibili.com.

    Use of Non-GAAP Financial Measures

    The Company uses non-GAAP measures, such as adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) attributable to the Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, gain/loss on repurchase of convertible senior notes, and termination expenses of certain game projects. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

    For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:

    Bilibili Inc.
    Juliet Yang
    Tel: +86-21-2509-9255 Ext. 8523
    E-mail: ir@bilibili.com

    Piacente Financial Communications 
    Helen Wu
    Tel: +86-10-6508-0677
    E-mail: bilibili@tpg-ir.com

    In the United States:

    Piacente Financial Communications 
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: bilibili@tpg-ir.com

    BILIBILI INC.
    Unaudited Condensed Consolidated Statements of Operations
    (All amounts in thousands, except for share and per share data)
     
      For the Three Months Ended   For the Year Ended
      December
    31,    		   September
    30,    		   December
    31,    		   December
    31,    		   December
    31,
      2023   2024   2024   2023   2024
      RMB   RMB   RMB   RMB   RMB
                       
    Net revenues:                  
    Value-added services (VAS) 2,857,079     2,821,269     3,083,071     9,910,080     10,999,137  
    Advertising 1,929,164     2,094,427     2,388,673     6,412,040     8,189,175  
    Mobile games 1,006,858     1,822,609     1,797,537     4,021,137     5,610,323  
    IP derivatives and others 555,995     567,315     464,880     2,184,730     2,032,890  
    Total net revenues 6,349,096     7,305,620     7,734,161     22,527,987     26,831,525  
    Cost of revenues (4,689,114 )   (4,758,434 )   (4,945,945 )   (17,086,122 )   (18,057,562 )
    Gross profit 1,659,982     2,547,186     2,788,216     5,441,865     8,773,963  
                       
    Operating expenses:                  
    Sales and marketing expenses (1,125,464 )   (1,202,407 )   (1,236,593 )   (3,916,150 )   (4,401,655 )
    General and administrative expenses (511,906 )   (505,386 )   (505,861 )   (2,122,432 )   (2,031,063 )
    Research and development expenses (1,327,282 )   (906,072 )   (919,321 )   (4,467,470 )   (3,685,214 )
    Total operating expenses (2,964,652 )   (2,613,865 )   (2,661,775 )   (10,506,052 )   (10,117,932 )
    (Loss)/profit from operations (1,304,670 )   (66,679 )   126,441     (5,064,187 )   (1,343,969 )
                       
    Other income/(expenses):                  
    Investment loss, net (including impairments) (199,004 )   (70,957 )   (283,191 )   (435,644 )   (470,081 )
    Interest income 126,450     91,279     110,150     542,472     434,980  
    Interest expense (29,181 )   (17,824 )   (19,986 )   (164,927 )   (89,193 )
    Exchange gains/(losses) 4,848     (5,909 )   10,529     (35,575 )   (68,715 )
    Debt extinguishment (loss)/gain –     –     (17,649 )   292,213     (38,629 )
    Others, net 110,007     (18,134 )   139,107     132,640     175,412  
    Total other income/(expenses), net 13,120     (21,545 )   (61,040 )   331,179     (56,226 )
    (Loss)/profit before income tax (1,291,550 )   (88,224 )   65,401     (4,733,008 )   (1,400,195 )
    Income tax (expense)/benefit (5,140 )   8,419     23,533     (78,705 )   36,544  
    Net (loss)/profit (1,296,690 )   (79,805 )   88,934     (4,811,713 )   (1,363,651 )
    Net loss/(profit) attributable to noncontrolling interests 206     290     1,026     (10,608 )   16,851  
    Net (loss)/profit attributable to the Bilibili Inc.’s shareholders (1,296,484 )   (79,515 )   89,960     (4,822,321 )   (1,346,800 )
    Net (loss)/profit per share, basic (3.13 )   (0.19 )   0.22     (11.67 )   (3.23 )
    Net (loss)/profit per ADS, basic (3.13 )   (0.19 )   0.22     (11.67 )   (3.23 )
    Net (loss)/profit per share, diluted (3.13 )   (0.19 )   0.21     (11.67 )   (3.23 )
    Net (loss)/profit per ADS, diluted (3.13 )   (0.19 )   0.21     (11.67 )   (3.23 )
    Weighted average number of ordinary shares, basic 414,793,013     417,849,446     417,829,038     413,210,271     416,470,256  
    Weighted average number of ADS, basic 414,793,013     417,849,446     417,829,038     413,210,271     416,470,256  
    Weighted average number of ordinary shares, diluted 414,793,013     417,849,446     424,208,294     413,210,271     416,470,256  
    Weighted average number of ADS, diluted 414,793,013     417,849,446     424,208,294     413,210,271     416,470,256  
                   

    The accompanying notes are an integral part of this press release.

    BILIBILI INC.
    Notes to Unaudited Condensed Financial Information
    (All amounts in thousands, except for share and per share data)
     
      For the Three Months Ended
    		   For the Year Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
      2023   2024   2024   2023   2024
      RMB   RMB   RMB   RMB   RMB
                       
                       
    Share-based compensation expenses included in:                  
    Cost of revenues 15,014   26,781   25,350   63,724   84,178
    Sales and marketing expenses 13,960   16,015   18,524   56,649   60,460
    General and administrative expenses 150,226   133,825   137,513   596,950   568,194
    Research and development expenses 87,859   120,490   113,649   415,321   403,380
    Total 267,059   297,111   295,036   1,132,644   1,116,212
    BILIBILI INC.
    Unaudited Condensed Consolidated Balance Sheets
    (All amounts in thousands, except for share and per share data)
      December
    31,    		   December
    31,
      2023   2024
      RMB   RMB
           
    Assets      
    Current assets:      
    Cash and cash equivalents 7,191,821   10,249,382  
    Time deposits 5,194,891   3,588,475  
    Restricted cash 50,000   50,000  
    Accounts receivable, net 1,573,900   1,226,875  
    Prepayments and other current assets 2,063,362   1,934,788  
    Short-term investments 2,653,065   2,706,535  
    Total current assets 18,727,039   19,756,055  
    Non-current assets:      
    Property and equipment, net 714,734   589,227  
    Production cost, net 2,066,066   1,851,207  
    Intangible assets, net 3,627,533   3,201,012  
    Goodwill 2,725,130   2,725,130  
    Long-term investments, net 4,366,632   3,911,592  
    Other long-term assets 931,933   664,277  
    Total non-current assets 14,432,028   12,942,445  
    Total assets 33,159,067   32,698,500  
    Liabilities      
    Current liabilities:      
    Accounts payable 4,333,730   4,801,416  
    Salary and welfare payables 1,219,355   1,599,482  
    Taxes payable 345,250   428,932  
    Short-term loan and current portion of long-term debt 7,455,753   1,571,836  
    Deferred revenue 2,954,088   3,802,307  
    Accrued liabilities and other payables 1,795,519   2,558,830  
    Total current liabilities 18,103,695   14,762,803  
    Non-current liabilities:      
    Long-term debt 646   3,264,153  
    Other long-term liabilities 650,459   567,631  
    Total non-current liabilities 651,105   3,831,784  
    Total liabilities 18,754,800   18,594,587  
           
    Total Bilibili Inc.’s shareholders’ equity 14,391,900   14,108,397  
    Noncontrolling interests 12,367   (4,484 )
    Total shareholders’ equity 14,404,267   14,103,913  
           
    Total liabilities and shareholders’ equity 33,159,067   32,698,500  
    BILIBILI INC.
    Unaudited Selected Condensed Consolidated Cash Flows Data
    (All amounts in thousands, except for share and per share data)
     
      For the Three Months Ended   For the Year Ended
      December
    31,    		   September
    30,    		   December
    31,    		   December
    31,    		   December
    31,
      2023   2024   2024   2023   2024
      RMB   RMB   RMB   RMB   RMB
                       
    Net cash provided by operating activities 640,396   2,225,629   1,400,988   266,622   6,014,854
    BILIBILI INC.
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (All amounts in thousands, except for share and per share data)
     
        For the Three Months Ended   For the Year Ended
        December
    31,    		   September
    30,    		   December
    31,    		   December
    31,    		   December
    31,
        2023   2024   2024   2023   2024
        RMB   RMB   RMB   RMB   RMB
                         
    (Loss)/Profit from operations     (1,304,670 )     (66,679 )     126,441       (5,064,187 )     (1,343,969 )
    Add:                                        
    Share-based compensation expenses     267,059       297,111       295,036       1,132,644       1,116,212  
    Amortization expense related to intangible assets acquired through business acquisitions     47,734       41,776       41,581       191,770       166,909  
    Termination expenses of certain game projects     354,811       –       –       354,811       –  
    Adjusted (loss)/profit from operations     (635,066 )     272,208       463,058       (3,384,962 )     (60,848 )
                                             
    Net (loss)/profit     (1,296,690 )     (79,805 )     88,934       (4,811,713 )     (1,363,651 )
    Add:                                        
    Share-based compensation expenses     267,059       297,111       295,036       1,132,644       1,116,212  
    Amortization expense related to intangible assets acquired through business acquisitions     47,734       41,776       41,581       191,770       166,909  
    Income tax related to intangible assets acquired through business acquisitions     (5,563 )     (5,406 )     (5,358 )     (22,376 )     (21,578 )
    Loss/(Gain) on fair value change in investments in publicly traded companies     76,839       (17,778 )     14,177       32,964       24,524  
    Loss/(Gain) on repurchase of convertible senior notes     –       –       17,649       (292,213 )     38,629  
    Termination expenses of certain game projects     354,811       –       –       354,811       –  
    Adjusted net (loss)/profit     (555,810 )     235,898       452,019       (3,414,113 )     (38,955 )
    Net loss/(profit) attributable to noncontrolling interests     206       290       1,026       (10,608 )     16,851  
    Adjusted net (loss)/profit attributable to the Bilibili Inc.’s shareholders     (555,604 )     236,188       453,045       (3,424,721 )     (22,104 )
    Adjusted net (loss)/profit per share, basic     (1.34 )     0.57       1.08       (8.29 )     (0.05 )
    Adjusted net (loss)/profit per ADS, basic     (1.34 )     0.57       1.08       (8.29 )     (0.05 )
    Adjusted net (loss)/profit per share, diluted     (1.34 )     0.57       1.07       (8.29 )     (0.05 )
    Adjusted net (loss)/profit per ADS, diluted     (1.34 )     0.57       1.07       (8.29 )     (0.05 )
    Weighted average number of ordinary shares, basic     414,793,013       417,849,446       417,829,038       413,210,271       416,470,256  
    Weighted average number of ADS, basic     414,793,013       417,849,446       417,829,038       413,210,271       416,470,256  
    Weighted average number of ordinary shares, diluted     414,793,013       417,849,446       424,208,294       413,210,271       416,470,256  
    Weighted average number of ADS, diluted     414,793,013       417,849,446       424,208,294       413,210,271       416,470,256  

    The MIL Network –

  • MIL-OSI: Aurora Mobile Integrates DeepSeek into Adpub to Redefine App Monetization

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 20, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it has integrated DeepSeek, an advanced large language model (LLM), into its Adpub platform. This strategic enhancement aims to revolutionize app monetization by leveraging DeepSeek’s lightweight architecture and domain-specific optimizations, delivering unmatched efficiency, scalability, and precision.

    Smarter Monetization Tools for Developers

    Adpub, Aurora Mobile’s app monetization platform, has already established itself as a trusted solution for developers to maximize advertising revenue. By aggregating SDKs from over ten major advertising platforms, Adpub simplifies access to multiple networks through a single integration. Its advanced real-time bidding system ensures that the highest-paying ads are displayed, boosting overall revenue by an average of 20%.

    The integration of DeepSeek elevates Adpub’s capabilities further. With its cutting-edge natural language processing and data analysis features, DeepSeek enables Adpub to better understand user behavior and preferences. This empowers the platform to deliver highly relevant ads to the right audiences, significantly improving click-through rates (CTR) and overall ad performance.

    Transformative Benefits with DeepSeek

    The addition of DeepSeek unlocks a range of new possibilities for Adpub users, including:

    • Enhanced Ad Targeting: DeepSeek analyzes vast amounts of user data to deliver personalized ad experiences, ensuring “the right ads reach the right people.”
    • Improved Efficiency: Its lightweight architecture reduces computational overhead, enabling faster and more efficient data processing.
    • Scalable Monetization: DeepSeek’s domain-specific optimizations make it easier for developers to scale monetization across diverse app categories and user demographics.

    Developer-Centric Experience

    Adpub remains committed to developer convenience by offering a comprehensive suite of tools, including head bidding, waterfall ad layering, traffic segmentation, and A/B testing. With DeepSeek’s integration, these features are further enhanced through deeper insights and more precise analytics, all accessible via a unified dashboard.

    Pioneering Innovation in App Monetization

    “We are thrilled to integrate DeepSeek into Adpub, marking a pivotal step in empowering developers with smarter monetization tools,” said Chris Lo, CEO of Aurora Mobile. “This integration not only strengthens Adpub’s leadership in app monetization but also sets a new benchmark for innovation in the industry.”

    By focusing on scalable, efficient, and user-centric solutions, Aurora Mobile continues to lead the app monetization and developer services space. The integration of DeepSeek underscores the company’s commitment to leveraging cutting-edge technology to create value for its users.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

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

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI: JD.com to Report Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Feb. 20, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited fourth quarter and full year 2024 financial results on Thursday, March 6, 2025, before the U.S. market opens.

    JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss the fourth quarter and full year 2024 financial results.

    Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

    PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10044957-x2nu4z.html

    CONFERENCE ID: 10044957

    A telephone replay will be available for one week until March 13, 2025. The dial-in details are as follows:

    US: +1-855-883-1031
    International:
    Hong Kong:
    Mainland China:
    Passcode:    		 +61-7-3107-6325
    800-930-639
    400-120-9216
    10044957

    Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network –

  • MIL-OSI China: Beijing has 1,100 parks, set to add 15 more

    Source: China State Council Information Office 2

    Beijing has currently built 1,100 parks, two-thirds of which are wall-free, and plans to construct 15 more urban leisure parks this year, according a work conference on the greening of the city held on Wednesday.
    In 2024, Beijing built 15 new leisure parks and urban forests, along with 50 pocket parks and small green spaces. The coverage rate of parks and green spaces within a 500-meter service radius reached 91%. Many parks have removed fences and walls, allowing the natural scenery to blend with the city.
    Over 500 million park visits were made by residents in Beijing during the past year.
    “This year, the plan is to complete afforestation of 10,000 mu (666.67 hectares), build 200 hectares of parkland, and establish 1,000 kilometers of greenways,” said Gao Dawei, head of the Beijing Municipal Forestry and Parks Bureau at the conference. “By the end of this year, the city’s forest coverage rate is expected to reach 45%, with annual carbon sequestration from forest and green land reaching 10 million metric tons.”
    In addition, Beijing plans to create 50 “small but beautiful” pocket parks and small green spaces, renovate 10 age-friendly parks, upgrade 10 green buffer parks, and build 100 micro-gardens within residential communities this year.
    At present, Beijing is advancing the construction of a garden city, with more garden city landscapes expected to emerge in the future.
    To make the parks and greenways more exquisite, the city plans to build 50 scenic corridors in these places in 2025. Currently, the sites for these corridors are being selected, with various types of viewing platforms to be set up in higher terrain areas.

    MIL OSI China News –

  • MIL-OSI China: Singapore’s domestic wholesale sales decline 4.4 pct in Q4 2024

    Source: China State Council Information Office

    Singapore’s domestic wholesale sales fell 4.4 percent year-on-year in the fourth quarter of 2024, according to data released by the Singapore Department of Statistics on Thursday.

    Excluding petroleum, domestic wholesale sales declined by 0.7 percent. Most wholesale trade industries saw a drop in domestic sales, with the Industrial and Construction Machinery sector recording the steepest decline of 22.6 percent due to “lower sales of electrical and wiring accessories,” the department said in a report.

    On a quarter-on-quarter basis, seasonally adjusted domestic wholesale sales rose 4.6 percent in the fourth quarter. Excluding petroleum, domestic sales increased by 1.3 percent compared to the previous quarter.

    Meanwhile, Singapore’s foreign wholesale sales declined 2.9 percent year-on-year in the fourth quarter. However, excluding petroleum, foreign wholesale sales grew by 2.1 percent.

    Compared to the previous quarter, seasonally adjusted foreign wholesale sales fell 2.2 percent in the fourth quarter. Excluding petroleum, foreign wholesale sales dropped 1.3 percent. 

    MIL OSI China News –

  • MIL-OSI China: Dubai International Financial Center marks 20 years, strengthens ties with China

    Source: China State Council Information Office

    Dubai International Financial Center (DIFC), located in the United Arab Emirates (UAE), has strengthened its position as the leading financial hub in the Middle East, Africa and South Asia region after 20 years of growth, with a strong focus on deepening economic ties with China.

    In recent years, the center has witnessed a notable rise in the number of Chinese companies joining its ecosystem, further establishing Dubai as a key gateway for Chinese financial institutions seeking access to the Middle East and the Belt and Road Initiative partner countries, according to press releases issued recently by Dubai authorities. 

    In 2024, DIFC reported a 25% year-on-year increase in active companies, reaching a total of 6,920 firms, with a significant surge in the number of Chinese financial institutions and multinational corporations establishing a presence. Notably, China’s Bank of Communications inaugurated its regional headquarters in DIFC in November 2024, following in the footsteps of other Chinese financial giants such as the Agricultural Bank of China and the Bank of China. Collectively, these Chinese institutions now account for over 30% of DIFC’s total banking and capital markets assets, solidifying Dubai’s reputation as the UAE’s largest hub for Chinese financial firms.

    “DIFC has become the financial center of choice for Chinese entities within the finance sector as well as multinational companies,” said Arif Amiri, chief executive officer of DIFC Authority. “We remain committed to providing Chinese businesses with the best-in-class platform that will help shape their growth and expansion within the Middle East, Africa and South Asia region.”

    The growing role of Chinese financial institutions in Dubai is also evident in their active participation in the bond market. Chinese banks have been issuing bonds on Nasdaq Dubai, including green bonds that fund renewable energy, clean transportation and water desalination projects across the UAE and beyond. Most recently, in November 2024, bonds worth $2 billion were listed on Nasdaq Dubai by China’s Ministry of Finance.

    In 2024, DIFC achieved impressive performances across multiple sectors. The center’s combined revenues reached $484 million, a 37% increase from the previous year, with operating profit soaring 55% to $363 million. The technology and innovation sector was a standout performer, growing by 38% to 1,245 companies in 2024.

    Looking ahead, DIFC remains committed to expanding its financial and technology sectors, with major initiatives such as the Dubai AI Campus, and the upcoming DIFC Funds Center, which is set to open in 2025. These efforts, combined with Dubai’s ambition to become the top global financial center, further highlight DIFC’s role in attracting Chinese businesses and fostering long-term growth across the region, according to press releases from the center. 

    MIL OSI China News –

  • MIL-OSI Asia-Pac: President Lai attends opening of 2025 Halifax Taipei forum

    Source: Republic of China Taiwan

    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era.
    A transcript of President Lai’s remarks follows:
    To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide.
    I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum.
    As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one.
    I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability.
    Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community.
    I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs.
    As we face a complex global landscape, I call on the international community to take the following actions:
    First, as authoritarianism consolidates, democratic nations must also come closer in solidarity.
    Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost.
    I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. 
    Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world.
    Second, let’s create non-red global supply chains. 
    For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains.
    As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position. 
    We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security.
    Third, let’s unite to usher in peace.
    China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait.
    As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security.
    Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you.
    Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

    MIL OSI Asia Pacific News –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q4-24 and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4-24 Revenue of € 153.4 Million and Net Income of € 59.3 Million. Operating Results Within Prior Guidance

    FY-24 Revenue of € 607.5 Million and Net Income of € 182.0 Million Up 4.9% and 2.8%, Respectively, vs. FY-23. Orders of € 586.7 Million Up 7.0% vs. FY-23

    Proposed Dividend of € 2.18 per Share for Fiscal 2024. 95% Pay-Out Ratio

    DUIVEN, the Netherlands, Feb. 20, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2024.

    Key Highlights Q4-24

    • Revenue of € 153.4 million down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments
    • Orders of € 121.9 million down 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due primarily to decreased bookings for high performance computing and mainstream assembly applications
    • Gross margin of 64.0% decreased by 0.7 points vs. Q3-24 and 1.1 points vs. Q4-23 primarily due to adverse net forex influences
    • Net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to € 18.2 million of net tax benefits realized. As a result, net margin rose to 38.6% vs. 29.9% in Q3-24 and 34.4% in Q4-23
    • Cash and deposits of € 672.3 million at year-end increased 62.6% versus year-end 2023. Net cash of € 143.8 million increased € 33.1 million (29.9%) vs. Q3-24 and € 30.8 million (27.3%) vs. Q4-23

    Key Highlights FY 2024

    • Revenue of € 607.5 million increased 4.9% vs. 2023 principally due to higher demand by computing end-user markets, particularly for hybrid bonding and photonics applications, partially offset by weakness in mobile, automotive and Chinese end-user markets
    • Orders of € 586.7 million rose 7.0% due to strength in 2.5D and 3D AI-related applications
    • Gross margin of 65.2% rose by 0.3 points due to more favorable advanced packaging product mix
    • Net income of € 182.0 million grew 2.8% as higher revenue, gross margin and net tax benefits were partially offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased slightly to 30.0% vs. 30.6% in 2023
    • Proposed dividend of € 2.18 per share. Represents pay-out ratio of 95%

    Q1-25 Outlook

    • Revenue expected to decrease 0-10% vs. the € 153.4 million reported in Q4-24
    • Gross margin expected to range between 63-65% vs. the 64.0% realized in Q4-24
    • Operating expenses expected to grow 10-20% vs. the € 47.6 million reported in Q4-24
    (€ millions, except EPS) Q4-2024   Q3-2024   Δ Q4-2023  

    Δ

    		 FY-2024   FY-2023   Δ
    Revenue 153.4   156.6   -2.0 % 159.6   -3.9 % 607.5   578.9   +4.9 %
    Orders 121.9   151.8   -19.7 % 166.4   -26.7 % 586.7   548.3   +7.0 %
    Gross Margin 64.0%   64.7%   -0.7   65.1%   -1.1   65.2%   64.9%   +0.3  
    Operating Income 50.6   55.1   -8.2 % 66.1   -23.4 % 195.6   213.4   -8.3 %
    EBITDA 58.0   62.4   -7.1 % 72.7   -20.2 % 224.2   239.1   -6.2 %
    Net Income* 59.3   46.8   +26.7 % 54.9   +8.0 % 182.0   177.1   +2.8 %
    Net Margin* 38.6%   29.9%   +8.7   34.4%   +4.2   30.0%   30.6%   -0.6  
    EPS (basic) 0.75   0.59   +27.1 % 0.71   +5.6 % 2.31   2.28   +1.3 %
    EPS (diluted) 0.74   0.59   +25.4 % 0.68   +8.8 % 2.30   2.23   +3.1 %
    Net Cash and Deposits 143.8   110.7   +29.9 % 113.0   +27.3 % 143.8   113.0   +27.3 %

    * Includes net tax benefit of € 18.2 million in Q4-24 versus a tax charge of € 2.3 million in Q4-23.

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

    “Besi’s business development in 2024 reflected contrasting growth trends for AI and mainstream assembly equipment markets. For the year, revenue grew by approximately 5% to reach € 607.5 million due to significantly higher demand by computing end-user markets, particularly for AI-related hybrid bonding and photonics applications. Similarly, orders of € 586.7 million increased by 7.0%. As a result, orders for AI applications grew to represent approximately 50% of our total orders in 2024. Strong order growth from computing end-user markets this year was partly offset by unfavorable market conditions for mainstream applications related to an industry downturn more than two years in duration.

    “We continue to navigate an extended downturn at industry leading levels of profitability. Besi achieved gross, operating and net margins of 65.2%, 32.2% and 30.0%, respectively, in 2024. Gross margins increased slightly versus 2023 due to a more favorable advanced packaging product mix which were partially offset by unfavorable net forex effects, particularly in the second half of the year. Net income rose 2.8% versus 2023 primarily due to higher revenue and gross margins realized and a net tax benefit of € 18.2 million. Such favorable influences were partially offset by a significant increase in development spending and higher share-based compensation expense. Given profits earned in 2024 and our solid liquidity position, we will propose a cash dividend of € 2.18 per share for approval at Besi’s 2025 AGM which represents a pay-out ratio relative to net income of 95%.

    “Investments in Besi’s future growth continued in 2024 as reflected in higher development spending and a planned expansion of our advanced packaging production capacity in 2025. We increased R&D spending by 31.7% this year to offer customers leading edge assembly solutions for next generation 2.5D and 3D architectures. In addition, progress continued on our hybrid bonding agenda as revenue approximately tripled versus 2023 and orders more than doubled. In addition, adoption increased from nine to fifteen customers. During Q4-24, some notable hybrid bonding bookings included a first order from a Japanese semiconductor producer focused on 2nm advanced logic semiconductors and from a Korean IDM for advanced logic applications.

    “Besi’s fourth quarter results were adversely affected by ongoing weakness in mainstream assembly markets, seasonal influences and lower demand for hybrid bonding and photonics applications as customers digested capacity added in 2024. Revenue of € 153.4 million was down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments. Orders of € 121.9 million decreased by 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due to lower bookings for hybrid bonding, photonics and mainstream assembly applications. Hybrid bonding and photonics orders have fluctuated on a quarterly basis due to the timing by customers of new device introductions and related capacity additions for these emerging applications. Our operating income in Q4-24 decreased by 8.2% versus Q3-24 primarily due to lower revenue and a 0.7 point gross margin decrease from adverse forex movements. Q4-24 net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to net tax benefits realized from an upward revaluation of deferred tax assets.

    “We enter the year 2025 with cautious optimism based on strong momentum in our advanced die placement solutions for AI applications partially offset by ongoing weakness in mainstream automotive, smart phone, industrial and Chinese end-user markets. We believe that the pace of innovation is increasing as the pandemic and generative AI have accelerated society’s move to a digital world with AI technology adoption increasing significantly in our daily lives. We believe that the commercial viability of hybrid bonding process technology has now been confirmed by some of the industry’s leading players and research institutes. Significant incremental adoption is anticipated to occur over the next three years as the technology is increasingly used in HBM 4/5 memory stacks, ASIC logic devices, silicon photonics, co-packaged optics and consumer mobile/computing applications. As such, we estimate that hybrid bonding adoption and deployment is still in its very early stages.

    “The timing and trajectory of a new mainstream assembly upturn is difficult to predict at present. The assembly market still suffers from post-pandemic excess capacity which has taken more than two years to approach equilibrium levels. Semiconductor unit growth and capacity utilization rates have improved since 2022 but at a less rapid rate than previously anticipated by analysts. That being said, we believe it likely that a mainstream assembly recovery will begin in the second half of 2025. Its trajectory will depend on demand trends in each of our end markets and the ultimate course of global trade restrictions. For Q1-25, we forecast that revenue will decrease by 0-10% versus Q4-24 and for gross margins to remain in a range of 63-65% based on our projected product mix. Aggregate operating expenses are forecast to rise 10-20% versus Q4-24 primarily due to higher strategic consulting costs.”

    Share Repurchase Activity

    During the quarter, Besi repurchased approximately 0.2 million of its ordinary shares at an average price of € 112.84 per share or a total of € 22.4 million. For the year, Besi repurchased approximately 0.6 million shares at an average price of € 125.53 per share for a total of € 79.8 million. At year end, Besi held approximately 1.8 million shares in treasury equal to 2.3% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
    Important Dates

    • Publication Annual Report 2024
    • Publication Q1 results
    • Annual General Meeting of Shareholders
    • Publication Q2/semi-annual results
    • Publication Q3/nine-month results
    • Publication Q4/full year results
    		 February 28, 2025

    April 23, 2025

    April 23, 2025

    July 24, 2025

    October 23, 2025

    February 2026
    Dividend Information*

    • Proposed ex-dividend date
    • Proposed record date
    • Proposed payment of 2024 dividend
    		 April 25, 2025

    April 28, 2025

    Starting May 2, 2025
    * Subject to approval at Besi’s AGM on April 23, 2025 

    Basis of Presentation

    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which will be available on www.besi.com as of February 28, 2025.

    Contacts
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance        
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Tel. (31) 26 319 4500                
    investor.relations@besi.com   

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Statement of Compliance
    The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2024 and were authorized for issuance by the Board of Management and Supervisory Board on February 19, 2025. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor’s opinion on the Annual Report 2024. The Annual Report 2024 will be published on our website on February 28, 2025 and proposed for adoption by the Annual General Meeting on April 23, 2025. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.

    Caution Concerning Forward-Looking Statements

    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
    (€ thousands, except share and per share data) Three Months Ended
    December 31,
    (unaudited)    		 Year Ended
    December 31,
    (audited)
      2024   2023 2024 2023
             
    Revenue 153,413   159,635 607,473 578,862
    Cost of sales 55,253   55,700 211,529 203,074
             
    Gross profit 98,160   103,935 395,944 375,788
             
    Selling, general and administrative expenses 28,575   24,277 126,048 105,956
    Research and development         expenses 19,009   13,533 74,305 56,440
             
    Total operating expenses 47,584   37,810 200,353 162,396
             
    Operating income 50,576   66,125 195,591 213,392
             
    Financial expense, net 3,877   729 7,071 5,703
             
    Income before taxes 46,699   65,396 188,520 207,689
             
    Income tax expense (benefit) (12,595 ) 10,501 6,528 30,605
             
    Net income 59,294   54,895 181,992 177,084
             
    Net income per share – basic 0.75   0.71 2.31 2.28
    Net income per share – diluted 0.74   0.68 2.30 2.23
               
    Number of shares used in computing per share amounts:
    – basic
    – diluted 1    		 79,402,192
    81,628,947    		   77,070,082
    82,091,299    		 78,877,471
    81,889,907    		 77,508,722
    82,800,279
     1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding     
               
    Consolidated Balance Sheets
    (€ thousands) December
    31, 2024
    (audited)    		 September 30, 2024
    (unaudited)    		 June
    30, 2024
    (unaudited)    		 March
    31, 2024
    (unaudited)    		 December
    31, 2023
    (audited)
    ASSETS          
               
    Cash and cash equivalents 342,319 307,448 127,234 232,053 188,477
    Deposits 330,000 330,000 130,000 215,000 225,000
    Trade receivables 181,862 169,266 174,601 150,192 143,218
    Inventories 103,285 104,103 99,291 99,384 92,505
    Other current assets 40,927 44,731 36,346 34,756 39,092
               
    Total current assets 998,393 955,548 567,472 731,385 688,292
               
    Property, plant and equipment 44,773 44,220 43,571 41,328 37,516
    Right of use assets 15,726 16,419 16,821 16,901 18,242
    Goodwill 46,010 45,278 45,710 45,613 45,402
    Other intangible assets 96,677 94,855 92,627 90,241 93,668
    Deferred tax assets 31,567 8,610 9,517 11,444 12,217
    Other non-current assets 1,330 1,316 1,239 1,252 1,216
               
    Total non-current assets 236,083 210,698 209,485 206,779 208,261
               
    Total assets 1,234,476 1,166,246 776,957 938,164 896,553
               
               
               
    Bank overdraft 776 – – – –
    Current portion of long-term debt 2,042 2,241 3,033 984 3,144
    Trade payables 52,630 49,211 51,620 52,382 46,889
    Other current liabilities 111,531 87,739 73,023 100,606 87,200
               
    Total current liabilities 166,979 139,191 127,676 153,972 137,233
               
    Long-term debt 525,653 524,527 179,801 265,142 297,353
    Lease liabilities 12,350 13,033 13,448 13,625 14,924
    Deferred tax liabilities 10,320 11,619 10,396 12,136 12,959
    Other non-current liabilities 17,910 12,449 11,352 12,914 12,671
               
    Total non-current liabilities 566,233 561,628 214,997 303,817 337,907
               
    Total equity 501,264 465,427 434,284 480,375 421,413
               
    Total liabilities and equity 1,234,476 1,166,246 776,957 938,164 896,553
    Consolidated Cash Flow Statements
    (€ thousands) Three Months Ended
    December 31,
    (unaudited)    		 Year Ended
    December 31,
    (audited)
      2024   2023   2024   2023  
             
    Cash flows from operating activities:        
    Income before income tax 46,699   65,396   188,520   207,689  
             
    Depreciation and amortization 7,420   6,577   28,601   25,732  
    Share based payment expense 2,851   2,807   30,067   19,107  
    Financial expense, net 3,877   729   7,071   5,703  
             
    Changes in working capital 4,819   (24,238 ) (39,095 ) (26,819 )
    Interest (paid) received 1,965   1,647   9,183   4,722  
    Income tax (paid) received (3,751 ) 386   (23,264 ) (27,562 )
             
    Net cash provided by operating activities 63,880   53,304   201,083   208,572  
             
    Cash flows from investing activities:        
    Capital expenditures (1,074 ) (1,451 ) (12,039 ) (6,899 )
    Capitalized development expenses (5,447 ) (5,780 ) (19,437 ) (21,121 )
    Repayments of (investments in) deposits –   (39,659 ) (105,000 ) (44,927 )
             
    Net cash provided by (used in) investing activities (6,521 ) (46,890 ) (136,476 ) (72,947 )
             
    Cash flows from financing activities:        
    Proceeds from bank lines of credit 776   –   776   –  
    Proceeds from notes –   –   350,000   –  
    Transaction costs related to notes                 (29 ) –   (6,424 ) –  
    Payments of lease liabilities (1,128 ) (1,100 ) (4,314 ) (4,307 )
    Purchase of treasury shares (22,415 ) (23,123 ) (79,833 ) (213,387 )
    Dividends paid to shareholders –   –   (171,534 ) (222,109 )
             
    Net cash used in financing activities (22,796 ) (24,223 ) 88,671   (439,803 )
             
    Net increase (decrease) in cash and cash equivalents

    34,563

    		  

    (17,809

    )

    153,278

    		  

    (304,178

    )
    Effect of changes in exchange rates on cash and
    cash equivalents

    308

    		  

    1,261

    		  

    564

    		  

    969

    		  
    Cash and cash equivalents at beginning of the
    period

    307,448

    		  

    205,025

    		  

    188,477

    		  

    491,686

    		  
             
    Cash and cash equivalents at end of the period 342,319   188,477   342,319   188,477  
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
                                     
    REVENUE Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Per geography:                                
    China 42.8   28 % 45.5   29 % 57.5   38 % 58.5   40 % 62.0   39 % 40.8   33 % 64.9   40 % 37.6   28 %
    Asia Pacific (excl. China) 53.5   35 % 51.6   33 % 54.1   36 % 43.6   30 % 57.9   36 % 42.3   34 % 59.2   36 % 58.2   44 %
    EU / USA / Other 57.1   37 % 59.5   38 % 39.6   26 % 44.2   30 % 39.7   25 % 40.2   33 % 38.4   24 % 37.6   28 %
                                                     
    Total 153.4   100 % 156.6   100 % 151.2   100 % 146.3   100 % 159.6   100 % 123.3   100 % 162.5   100 % 133.4   100 %
                                     
    ORDERS Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Per geography:                                
    China 40.4   33 % 45.4   30 % 43.3   23 % 51.1   40 % 71.1   43 % 46.0   36 % 51.4   46 % 35.5   25 %
    Asia Pacific (excl. China) 38.8   32 % 69.3   46 % 72.0   39 % 45.0   35 % 36.6   22 % 40.9   32 % 33.2   29 % 71.3   50 %
    EU / USA / Other 42.7   35 % 37.1   24 % 69.9   38 % 31.6   25 % 58.7   35 % 40.4   32 % 28.0   25 % 35.2   25 %
                                                     
    Total 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 % 166.4   100 % 127.3   100 % 112.6   100 % 142.0   100 %
                                     
    Per customer type:                                
    IDM 61.2   50 % 84.5   56 % 122.4   66 % 53.5   42 % 82.7   50 % 70.5   55 % 60.5   54 % 74.0   52 %
    Foundries/Subcontractors* 60.7   50 % 67.3   44 % 62.8   34 % 74.2   58 % 83.7   50 % 56.8   45 % 52.1   46 % 68.0   48 %
                                                     
    Total 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 % 166.4   100 % 127.3   100 % 112.6   100 % 142.0   100 %
    * Includes foundries as of financial year 2024                                
                                     
    HEADCOUNT Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                                     
    Fixed staff (FTE) 1,812   93 % 1,807   87 % 1,783   86 % 1,760   88 % 1,736   93 % 1,725   87 % 1,689   86 % 1,682   84 %
    Temporary staff (FTE) 134   7 % 271   13 % 279   14 % 236   12 % 134   7 % 248   13 % 279   14 % 312   16 %
                                                     
    Total 1,946   100 % 2,078   100 % 2,062   100 % 1,996   100 % 1,870   100 % 1,973   100 % 1,968   100 % 1,994   100 %
                                     
    OTHER FINANCIAL DATA Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Gross profit 98.2   64.0 % 101.2   64.7 % 98.3   65.0 % 98.3   67.2 % 103.9   65.1 % 79.6   64.6 % 106.6   65.6 % 85.7   64.2 %
                                     
                                     
    Selling, general and admin expenses:                                
    As reported 28.6   18.6 % 27.3   17.4 % 30.5   20.2 % 39.6   27.1 % 24.3   15.2 % 23.3   18.9 % 29.4   18.1 % 29.0   21.7 %
    Share-based compensation expense -2.9   -1.8 % (3.4 ) -2.1 % (6.9 ) -4.6 % (16.9 ) -11.6 % (2.8 ) -1.7 % (1.6 ) -1.3 % (5.5 ) -3.4 % (9.3 ) -7.0 %
                                                     
    SG&A expenses as adjusted 25.7   16.8 % 23.9   15.3 % 23.6   15.6 % 22.7   15.5 % 21.5   13.5 % 21.7   17.6 % 23.9   14.7 % 19.7   14.8 %
                                     
                                     
    Research and development expenses:                                
    As reported 19.0   12.4 % 18.9   12.1 % 18.5   12.2 % 17.9   12.2 % 13.5   8.5 % 13.6   11.0 % 14.3   8.8 % 15.0   11.2 %
    Capitalization of R&D charges 5.4   3.5 % 4.4   2.8 % 4.9   3.2 % 4.7   3.2 % 5.7   3.6 % 4.7   3.8 % 5.3   3.3 % 5.4   4.0 %
    Amortization of intangibles -3.9   -2.5 % (3.9 ) -2.5 % (3.6 ) -2.3 % (3.6 ) -2.4 % (3.3 ) -2.1 % (3.3 ) -2.6 % (3.5 ) -2.2 % (3.5 ) -2.6 %
                                                     
    R&D expenses as adjusted 20.5   13.4 % 19.4   12.4 % 19.8   13.1 % 19.0   13.0 % 15.9   10.0 % 15.0   12.2 % 16.1   9.9 % 16.9   12.7 %
                                     
                                     
    Financial expense (income), net:                                
    Interest income -5.1     (5.2 )   (3.0 )   (4.0 )   (3.6 )   (2.9 )   (3.1 )   (2.6 )  
    Interest expense 6.1     5.7     2.1     2.8     3.0     2.8     2.9     2.9    
    Net cost of hedging 2.0     1.9     1.4     1.6     1.7     1.7     2.0     1.6    
    Foreign exchange effects, net 0.9     (0.8 )   0.5     0.2     (0.4 )   0.2     (0.1 )   (0.4 )  
                                                     
    Total 3.9     1.6     1.0     0.6     0.7     1.8     1.7     1.5    
                                     
    Gross cash 672.3     637.4     257.2     447.1     413.5     391.2     378.3     644.9    
                                     
                                     
    Operating income (as % of net sales) 50.6   33.0 % 55.1   35.2 % 49.3   32.6 % 40.7   27.8 % 66.1   41.4 % 42.7   34.6 % 62.9   38.7 % 41.7   31.3 %
                                     
    EBITDA (as % of net sales) 58.0   37.8 % 62.4   39.8 % 56.2   37.2 % 47.5   32.5 % 72.7   45.6 % 48.9   39.7 % 69.3   42.6 % 48.2   36.1 %
                                     
    Net income (as % of net sales) 59.3   38.6 % 46.8   29.9 % 41.9   27.7 % 34.0   23.2 % 54.9   34.4 % 35.0   28.4 % 52.6   32.4 % 34.5   25.9 %
                                     
    Effective tax rate -27.0 %   12.6 %   13.0 %   15.3 %   16.1 %   14.4 %   14.0 %   14.0 %  
                                     
                                     
    Income per share                                
    Basic 0.75     0.59     0.53     0.44     0.71     0.45     0.68     0.44    
    Diluted 0.74     0.59     0.53     0.44     0.68     0.45     0.66     0.44    
                                     
    Average shares outstanding (basic) 79,402,192

    		       79,630,787       79,281,533       77,181,326       77,070,082       77,374,933       77,634,197       77,946,873      
                                     
    Shares repurchased                                
    Amount 22.4     27.8     14.8     14.8     23.1     45.5     66.9     77.7    
    Number of shares 198,450

    		       230,807       105,042       101,049       226,572       447,829       761,937       1,120,327      
                                     

    The MIL Network –

  • MIL-OSI China: Beijing’s Shunyi accelerates high-quality development

    Source: China State Council Information Office 2

    Shunyi district in northeastern Beijing is accelerating high-quality, internationalized development.
    With 15 indicators of high-quality development in place, the district aims for an economic output of over 330 billion yuan (US$45.32 billion) and a modern service industry worth 150 billion yuan, as well as an annual trade value exceeding 200 billion yuan in its Tianzhu comprehensive bonded zone, according to local officials.
    The district has been working to become a hub for international companies and resources, as demonstrated by its Beijing China-Germany Industrial Park.
    China’s only national-level park focusing on China-Germany economic and technological cooperation, the industrial compound has attracted 118 German-funded and affiliated enterprises since its establishment three years ago, including major brands like Mercedes-Benz, BMW, and Bosch. During this period, the park registered an annual industrial output exceeding 40 billion yuan. 
    With an innovative environment and thriving entrepreneurial ecosystem, the park has been an attractive landing spot for German companies looking to expand in China. 
    The park has also forged cooperation with more than 50 institutions, such as the European Economic Senate, and hosts forums and expos to foster international collaboration.
    In addition, it has introduced commercial facilities like German-style beer houses, cafes, and convenience stores selling German goods. It has also become a venue for events such as wine and beer festivals, football tournaments, and equestrian competitions organized by the resident companies.
    The district is also leading in cross-border pharmaceutical trade.
    According to officials, 10 rare disease drugs and clinically urgent medications have been approved in Beijing. These will be purchased globally and transported through the Tianzhu bonded zone to medical institutions in the city. Rare disease medications can now be cleared through customs once and used multiple times outside the zone, ensuring continuous availability for patients.
    Moreover, rare disease patients can receive top-tier diagnosis and treatment here.
    Last year, the total trade value of the Tianzhu zone reached 123.49 billion yuan, yuan, with pharmaceutical trade accounting for 106.93 billion yuan, marking a 6.39% increase.
    Cutting-edge industries are also flourishing in the district, which has introduced public rental housing to lure top talent.
    Cui Xiaohao, the district head, announced that by 2030, the total output value of its five high-end manufacturing industries — new-energy intelligent vehicles, aerospace, third-generation semiconductors, intelligent equipment, and medical and health industries — will exceed 300 billion yuan.

    MIL OSI China News –

  • MIL-OSI China: Key firms settle in Shijingshan to boost high-tech growth

    Source: China State Council Information Office 2

    Shijingshan district in Beijing recently held an industrial development promotion conference. During the event, key enterprises in areas such as artificial intelligence and industrial internet signed agreements to settle in the district. 
    Among the 10 enterprises that signed agreements are innovative small and medium-sized enterprises focusing on cloud computing and information security, as well as high-tech enterprises involved in electronic equipment, new drug research, smart security, and data security. These companies are expected to drive the development of high-tech industries and enhance the industrial chain in Shijingshan district.
    The conference also recognized 20 companies for their outstanding contributions to the regional economy in 2024, 10 fastest-growing companies, and 10 companies with the most growth potential. 
    Chen Wei, co-founder and vice president of Yuanshan Zhineng, a company recognized as one of the 10 with the most growth potential, said that since moving into Shijingshan in 2023, his company has achieved rapid growth in the intelligent industry. He attributed this success to the district’s efforts in optimizing the business environment and providing better support for companies.
    Chang Wei, secretary of the CPC Shijingshan District Committee, spoke on the district’s focus on upgrading traditional industries, expanding emerging industries, and cultivating future industries to foster high-quality development. Looking forward, the district will continue to refine policies, improve resource allocation, and optimize service for enterprises, he said.

    MIL OSI China News –