Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to provide a business update on the government engagement progress for the Company.
GMG continues to engage with various members of Australian Federal Government including a recent visit to the Australian Parliament in Canberra, Australia’s capital city, to see the Honourable Senator Tim Ayres, Assistant Minister for Trade and Assistant Minister for a Future Made In Australia, as seen in Figure 1, to discuss GMG’s battery manufacturing progress and how a number of Federal Government policies including the Future Made in Australia Battery Breakthrough could potentially support GMG.
Figure 1: GMG CEO and CFCO meet with Honourable Senator Tim Ayres
GMG also met the Speaker of the House of Representatives the Honourable Milton Dick, as seen in Figure 2, to share GMG’s progress since his visit to GMG’s Facilities in Richlands Queensland in 2023 when Milton formally opened the Graphene coating blend plant.
Figure 2: GMG CEO and CFCO meet with Speaker of the House of Representatives Honourable Milton Dick
GMG also met Queensland Senator the Honourable Anthony Chisholm, as seen in Figure 3, to share GMG’s progress since his visit to GMG’s Facilities in Richlands Queensland in 2022.
Figure 3: GMG CEO and CFCO meet with Senator the Honourable Anthony Chisholm
GMG’s Managing Director and CEO, Craig Nicol, commented: “GMG continues to engage Government at all levels, including local, state and federal government, with the aim to help ensure its leading energy saving and energy storage products align with government policy to support the energy transition.”
GMG’s Chairman and Director, Jack Perkowski, commented: “We believe that Engagement with Government is important in the very dynamic markets GMG is focused on selling its product into, and we plan to continue engaging with Government as policies are rolled out in various key markets around the world.”
About THERMAL-XR® powered by GMG Graphene:
THERMAL-XR® COATING SYSTEM is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.
THERMAL-XR RESTORE® is powered by GMG Graphene. PATENT PENDING
About GMGwww.graphenemg.com
GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications.
The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving coating), lubricants and fluids.
In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).
GMG’s 4 critical business objectives are:
Produce Graphene and improve/scale cell production processes
Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, the potential for Federal Government policies to support GMG, the Company’s belief that Engagement with Government could support GMG and help ensure its products align with government policy to support the energy transition, the potential for THERMAL-XR® to enable energy producers to produce additional energy more efficiently, the Company’s goal of achieving optimal production line performance for THERMAL-XR® and the entering of full production.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions that Federal Government policies could support GMG, that Engagement with Government could help support GMG and help ensure its products align with government policy to support the energy transition, assumptions regarding the development of extensions and enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will be able to derive the expected benefits from the Company’s products, and that the Company will be able to achieve optimal production line performance for THERMAL-XR® and enter full production. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that Federal Government policies do not support GMG to the extend expected or at all, that Engagement with Government does not support GMG and/or does not ensure its products align with government policy to support the energy transition to the extend expected or at all, that there will be no developments of extensions or enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will not derive the expected benefits from the Company’s products, that the Company will be unable to achieve optimal production line performance for THERMAL-XR® or enter full production, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading “Risk Factors” in the Company’s annual information form dated October 3, 2024 available for review on the Company’s profile at www.sedarplus.ca.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to provide a business update on the commercialisation progress of THERMAL-XR® Powered by GMG Graphene.
CUSTOMER ENGAGEMENT UPDATE
GMG continues to carry out both Supply and Service Coating for various Air Conditioning Manufacturers, Distributors, Contractors and end equipment owners – including the large HVACR condensing units showing the black coating of THERMAL-XR on the condenser coils seen in Figure 1.
Figure 1: GMG Team Members in front of large HVACR condensing units coated with THERMAL-XR
At an event on 4th October 2024 in Brisbane, Australia that included the broad participation of HVAC industry representatives, GMG successfully RE-launched THERMAL-XR® ENHANCE. The focus of the event was on Thermal-XR’s unique heat transfer and corrosion protection capabilities. When first developed, the product was named THERMAL-XR® RESTORE because the Company believed its principal benefit was to restore the heat transfer capabilities of existing installed air conditioners. However, GMG has since proved with third party verification that the product can also enhance the heat transfer of new equipment; hence the re-branding to THERMAL-XR® ENHANCE.
As a result, GMG now believes that THERMAL-XR® ENHANCE has exciting opportunities with HVAC Original Equipment Manufacturers (“OEMs”) in addition to its potential in the HVAC aftermarket. Over the past several months, GMG has completed on-site testing of THERMAL-XR® with global Air Conditioning Manufacturers in China and the USA for potential introduction into their factories. While further customer testing will be required, GMG believes early results are promising.
Apart from applications in the HVAC industry, the unique heat transfer capabilities of THERMAL-XR® ENHANCE has also led to potential new applications in a wide range of industries where reducing heat is important. For example, customer managed Third Party Laboratory Testing with THERMAL-XR® is now being done with companies that operate LNG facilities; companies that manufacture electronic products; and companies that produce motors for the industrial and automotive markets. Further testing will be required to confirm the benefits of using THERMAL-XR® ENHANCE in such applications.
As shown in Figure 2, THERMAL-XR® ENHANCE will now be available in 5 litre pails, instead of the original 10 litre containers. Customers have expressed their preference for lighter weight pails because they believe they are easier to lift onto roof tops for spraying in-situ air conditioners. Generally, 5 Litres of THERMAL-XR can be used to spray up to 5 small to medium size air conditioners, covering approximately 50 square metres of solid plate.
As previously announced, GMG and Nu Calgon have signed an agreement and are working with a consultant to prepare and submit a Pre-Manufacture Notice (“PMN”) in conjunction with its USA Environmental Protection Agency’s (“EPA”) application to import and sell in the USA. The PMN application is expected to be submitted before the end of October, and the approval is expected to take less than 12 months. The PMN will be substantially different from the Low Volume Exemption (“LVE”) PMN that was previously submitted by GMG. Unlike the LVE PMN application that was limited to 10 tons per annum and one application technique in the HVAC sector, the PMN EPA approval that GMG is now seeking will not be limited by volume, application and any one particular sector.
INDUSTRY RECOGNITION
THERMAL-XR® is a finalist in the AIRAH Product of the Year – to be announced on 21st November 2024. AIRAH, the Australian Institute of Refrigeration, Air Conditioning and Heating, is the peak body representing the HVAC&R industry in Australia. Officially incorporated by guarantee on March 29, 1920, AIRAH celebrated its Centenary anniversary in 2020.
The AIRAH Awards provide our industry with the opportunity to reflect, applaud, and raise a toast to our peers and their achievements – from promising future leaders to established sector veterans; from the finest new projects to the best retrofits; as well as the greatest in refrigeration, renewable energy, and research. Independent industry specialists determine a shortlist of finalists, from which a winner is selected by an expert judging panel. This rigorous and impartial process makes the AIRAH Awards the most highly prized accolades in Australia’s HVAC&R building services industry.
GMG’s Managing Director and CEO, Craig Nicol, commented: “We believe GMG continues to make good progress in testing its products in large global OEM’s for various types of products in various applications whilst our technical understanding of the coating improves – creating an exciting cycle of innovation and learning with our customers and how we make the graphene and coating, how it is applied and also how it is marketed and sold.”
GMG’s Chairman and Director, Jack Perkowski, commented: “THERMAL-XR® testing in so many of these applications is very exciting to see and I am encouraged by its potential for progress in these markets.”
TEAM UPDATE
GMG would like to thank Bobby Bran, Chief Projects Officer (“CPO”), for his near 6-year service at the Company. In the Company’s continued efforts to transform into a commercial operation, the Company has decided to outsource major project activity going forward and as such will no longer need a CPO.
On behalf of GMG and its Board of Directors, Craig Nicol and Jack Perkowski would like to thank Bobby for his dedication and service during his near 6-year tenure at the Company.
About THERMAL-XR® powered by GMG Graphene:
THERMAL-XR® COATING SYSTEM is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.
THERMAL-XR RESTORE® is powered by GMG Graphene. PATENT PENDING
GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications.
The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving coating), lubricants and fluids.
In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).
GMG’s 4 critical business objectives are:
Produce Graphene and improve/scale cell production processes
Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, the potential for THERMAL-XR® to enable energy producers to produce additional energy more efficiently, the potential for THERMAL-XR® ENHANCE to enhance the heat transfer of new equipment and its opportunities with HVAC industry and other industries where reducing heat is important, the timing of submission of the Company’s PMN application, the receipt, timing and nature of approval by the EPA of the PMN application, the Company’s goal of achieving optimal production line performance for THERMAL-XR® and the entering of full production.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the development of extensions and enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will be able to derive the expected benefits from the Company’s products, that the Company’s PMN application will be submitted on the timetable anticipated, that the EPA will approve the PMN application and on the timing anticipated, that the content of the EPA’s approval will be as anticipated, and that the Company will be able to achieve optimal production line performance for THERMAL-XR® and enter full production. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that there will be no developments of extensions or enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will not derive the expected benefits from the Company’s products, that the Company’s PMN application will not be submitted on the timetable anticipated or at all, that the EPA will not approve the PMN application on the timing anticipated or at all, that the content of the EPA’s approval will not be as anticipated, that the Company will be unable to achieve optimal production line performance for THERMAL-XR® or enter full production, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading “Risk Factors” in the Company’s annual information form dated October 3, 2024 available for review on the Company’s profile at www.sedarplus.ca.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to announce it has been recognized as one of the Most Innovative Companies in the Manufacturing & Consumer Goods category for 2024 by the Australian Financial Review, which is Australia’s most-read premium business masthead.
The AFR BOSS Most Innovative Companies list celebrates Australian businesses that are challenging the status quo. Now in its thirteenth year, this prestigious annual list ranks the most innovative organisations from Australia and New Zealand, and is the only national, cross-industry list of its kind.
GMG’s work in graphene production and product development has positioned the company at the forefront of this rapidly evolving field, enabling sustainable solutions in energy storage, electronics, and beyond.
“We are honored to receive this recognition, which reflects the hard work and dedication of our team,” said Craig Nicol, CEO of Graphene Manufacturing Group. “This award validates our mission to harness the unique properties of graphene to develop innovative products that can positively impact the world.”
GMG’s Chairman and Director, Jack Perkowski, commented: “Great to see the Company’s innovative world leading work getting acknowledged in this way – congratulations to the team.”
GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications.
The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving coating), lubricants and fluids.
In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).
GMG’s 4 critical business objectives are:
Produce Graphene and improve/scale cell production processes
Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Physical conference on November 21st in Qurtuba Convention Centre, Johannesburg
In the rapidly evolving field of healthcare, technological advancements are continually transforming both medical education and the delivery of healthcare services. Innovative solutions, in the healthcare field, present new possibilities for enhancing learning, improving patient outcomes, and advancing medical practices. These cutting-edge methods allow students and healthcare professionals to gain a deeper understanding of complex medical concepts and sharpen essential skills. Simultaneously, they foster the growth of local industries, driving innovation and creating economic opportunities, while addressing critical healthcare needs in a more sustainable and efficient way.
One such innovation is focused on revolutionising medical education and healthcare in South Africa through the application of advanced 3D printing technology. By utilising this state-of-the-art tool, students and professionals are gaining unprecedented opportunities to deepen their knowledge of human anatomy, hone their surgical skills, and enhance patient care. This not only raises the standard of education but also contributes to the growth of local manufacturing industries, promoting healthcare excellence and economic development. Moreover, it strengthens South Africa’s manufacturing capabilities, particularly in the production of medical devices.
This collaboration fosters innovation and empowers small and medium enterprises (SMMEs) to compete on a global scale. With a focus on customized medical solutions, the initiative supports local manufacturing, creating jobs, and building a sustainable medical device industry. By encouraging collaboration between academic institutions and businesses, the project enhances the manufacturing ecosystem and contributes to South Africa’s overall economic growth while addressing vital healthcare needs.
Overview of the event: 26th Edition of the South Africa Manufacturing Show
The 26th Edition of the South Africa Manufacturing Show is part of a global series that has been held in over 10 cities across multiple continents in recent years. This exclusive, invitation-only in-person event, which will be held on November 21, 2024 in Qurtuba Convention Centre, Johannesburg is designed specifically for technology leaders from top businesses, institutions, and government officials representing South Africa’s manufacturing sector.
The agenda for the South Africa Manufacturing Show has been carefully curated to pinpoint the essential strategies required for making informed business decisions, enhancing operational efficiency, and advancing digital culture. The Summit will gather more than 200 C-Level Executives, Directors, and Heads of Technology to explore the potential of AI, Web 3.0, IoT, Cyber Security, and other Fourth Industrial Revolution (4IR) technologies, providing the insights necessary to initiate meaningful change in the industry today.
Who will attend?
Pandelani Reuben Munyai, Group CIO, Transnet SOC Ltd.
Dhevan Pillay, CEO, LTM Energy Group.
Oltesh Thobias, Regional Chief Procurement & Contracts Officer, African Development Bank Group.
Stavros Nicolaou, Group Senior Executive, Aspen Pharmacare Holdings Ltd.
The event will cover topics like:
From Factory to Future: Industry 4.0’s Role in South Africa’s Manufacturing Evolution.
From Concept to Creation: The Synergy of AI, 3D Printing, and South African Innovation in Manufacturing.
Powering South Africa’s Green Industrial Revolution: Balancing Sustainability, Energy Resilience, and Manufacturing Growth.
Unleashing Efficiency: Harnessing Data Analytics in Manufacturing Processes.
Regional Manufacturing to Achieve Health Equity and Security on the African Continent.
Building Supply Chain Agility: Crafting Resilient Supply Chains in South Africa.
For more information on the 26th edition South Africa Manufacturing Show, click the Link
About Exito
Exito, which means success in Spanish, embodies our commitment to the success of our customers. Each year, we host over 240 virtual and in-person conferences globally, bringing together audiences with world-class thought leaders and C-level executives across industries. Our meticulously crafted agendas, based on extensive research and valuable industry insights, facilitate business, knowledge transfer, deal flow, and impactful messaging for brands.
According to the data from Wind, the mass consumption index has been on a continuous downward movement since May this year with the cumulative decline being over 10% during the year, and showed a fluctuating decline trend in the past three years, which is currently in an overall undervalued state, and has a comparative advantage in terms of market valuation. Well, the U.S. Federal Reserve has released the signal of an interest rate cut in September, which is expected to add some leeway in domestic monetary policy. Meanwhile, against the expected backdrop of the policy actively promoting the implementation of reforms and stable growth to boost the fundamentals, the leaders in the mass consumption industry represented by Midea Group have registered stable growth in results and made continuous dividends distribution, with enhanced returns to shareholders and outstanding investment appeal.
Being speeding up the process of its global expansion, Midea Group has currently completed its IPO in the H share stock market and become listed on the main board of the Hong Kong Stock Exchange today, achieving the milestone of “A+H” dual listing. Not long ago, Midea Group published its 2024 Interim Report, which not only recorded double-digit growth of 10% and 14% in revenue and profit attributable to parent company to RMB218.1 billion and RMB20.8 billion respectively, both of which hit record highs, but also yielded unusually brilliant results in its ToB business, and strong growth was recorded in its overseas business, which grew by 13% year-on-year and far exceeded that of its domestic business, thus realising a further upgrade of its “global impact”.
Going global to accelerate the spillover of its industrial chains and create a sample of Chinese enterprises’ global expansion
At present, the home appliance market of China has entered a mature stage, with the average per household ownership of major categories of products being close to a reasonable level, and the consumption demand being dominated by upgrading of existing products. The competitive landscape is stabilising, and the room for market share expansion is limited. In view of that, global expansion is the general trend in the industry. Midea, which has successfully transformed itself into a globalised technology group in recent years, has significant advantages in terms of scale, R&D, manufacturing, channels and marketing, and there may be a promising future for it to go global.
The value of the global home appliance industry chain is distributed in a “smile-shaped” manner, with the demands from European and American markets are mainly upgrade, while in emerging markets, there is significant room for the penetration rate to increase, the export side has therefore relatively large growth potential for Chinese enterprises. Currently, global impact is one of the core strategies for Midea Group, and the Company has taken the route of branding overseas and relocating capacity concurrently to build a second “home court” overseas, and adheres to the OBM (Own Brands) priority strategy to develop exports and shape new growth momentum.
By building a global R&D, manufacturing and sales network, Midea Group has been enabling the penetration of its brand in a multi-dimensional and all-round way, unleashing the spillover effect of the industrial chain and strengthening its globalisation development capability. Midea has set up 17 overseas R&D centers in 10 countries abroad, integrating global R&D resources and forming a global technology R&D capability with complementary advantages. The Company has established 22 overseas production bases, realising production and delivery globally, and enjoying growth opportunities in overseas markets, with its products having been exported to more than 200 countries and regions around the world, and the Company has established online and offline sales networks in many markets overseas, with about 5,000 after-sales service outlets. Its overseas OBM business, mainly Toshiba, Midea and Comfee brands, is also growing rapidly and its OBM products have demonstrated strong competitiveness in many overseas markets.
The results of the intensive efforts in overseas markets are clearly reflected in the operational data and financial performance. Benefiting from the continuous development of its overseas smart home business and the enhancement of user experience, in the first half of 2024, the smart home apps of Midea had over 1 million newly registered users overseas and 3.1 million registered users, with the average number of monthly active users increasing by nearly 150% year-on-year. At the same time, the Company insisted on digital transformation, using digital tools to empower overseas terminal retail, with more than 1,500 new digital terminal outlets. In addition, the Company also launched e-commerce business overseas to boost the development of its own brand, with e-commerce sales revenue having increased by more than 50% year-on-year in the first half of 2024.
Although facing multiple risks and challenges in its development in overseas home appliance market due to multiple factors such as macroeconomic fluctuations, drastic changes in exchange rates and persistently high inflation, Midea Group adhered to the consumer-centric product orientation, strengthened localised operation overseas, and promoted the strong growth of its overseas business against the trend, realising a revenue of RMB91.1 billion in the first half of the year, accounting for 42% of the total revenue of the Company, which made it be the second largest A-share listed company in terms of overseas revenue.
For such beautiful results, the outside world has fully saw the ability and confidence behind the global impact of the Midea Group, and in the boom of going global for Chinese enterprises, the Company has successfully created a global expansion sample of high-quality development. With the inventory level of mainstream overseas home appliance consumer markets continuing to decline, sea freight charges have gradually dropped since the second half of 2022, home appliance export sales are expected to continue with a high degree of prosperity, and the benefits of going global are evident. It is just a beginning for Midea Group to benefit from such move.
Enhancing Both Quality and Quantity of ToB Business, and Extending Growth Resilience by Diversified Layout Midea Group’s global impact is not just quantity enhancement for going global, but also a premiumization strategy in a way to seek quantity growth in ToB business (Commercial & Industrial Solutions business). During the ToB business’ transformation, Midea Group actively cultivates new quality productive forces, steps up efforts in four major segments, and continues to promote industrial upgrading with technological innovation, endeavoring to lengthen the second growth curve that drives the Company’s continuous results growth, and to enrich the Company’s intrinsic value.
Regarding the Energy Solutions & Industrial Technology segments, Midea emphasises on growth and creation and continues to expand its business boundaries and achieve accelerated growth. In the first half of 2024, Midea filed more than 680 new patent applications, was granted more than 2,700 patents for inventions, and was awarded one Gold Prize and two Merit Prizes for the Tenth Guangdong Provincial Patent Award, as well as one Silver Prize for the Tenth Anhui Provincial Patent Award. Its R&D achievements have won numerous awards in the industry, and the “High Torque Density and Low Torque Ripple Direct Drive Permanent Magnetic Motor” technology led by Midea, which can provide smaller and quieter motor solutions for air-conditioning products, has been recognised as internationally leading level.
Regarding the Intelligent Building Technology segment, Midea has six major product manufacturing bases and seven research and development centers around the world, with a sales network covering the global market, and has formed the largest professional intelligent building product matrix and service network with a complete range of products in China. According to online industrial data, in the first half of 2024, Midea continued to rank first in the industry in terms of sales scale in the domestic central air-conditioning market, and topped the list in the industry in terms of market share for core products such as unit air conditioner and module air conditioner, with a market share of approximately 36% and 13% respectively, and was among the top in the industry in the domestic multi-connected market.
Regarding the Robotics & Automation segment, according to MIR statistics, in the first half of 2024, KUKA China’s orders in the consumer electronics industry increased significantly, and the domestic market share of KUKA’s industrial robots further increased to around 7.8%. As China’s manufacturing industry accelerates its overseas expansion, KUKA China has made full use of its overseas channel network and market access advantages to boost its overseas market development with locally developed robotic products in China, and its orders from overseas market in the first half of the year also increased significantly year-on-year, with its mobile robotics business accounting for close to 50% of its overseas revenue.
Supported by its technology leadership, the ToB business of Midea Group is making rapid progress, enabling Midea Group’s growth resilience to be more explosive. In the first half of 2024, the Company’s revenue from Energy Solutions & Industrial Technology amounted to RMB17.1 billion, representing a year-on-year increase of 26%; revenue from Intelligent Building Technology amounted to RMB15.7 billion, representing a year-on-year increase of 6%; and revenue from Robotics & Automation amounted to RMB13.9 billion. On the basis of the solid leading position of its ToC (Smart Home Solutions) business, the balanced development of ToC and ToB will gradually optimise the Company’s business structure through cyclical complementarities in multiple industries, and drive the overall profitability of Midea Group to continue to improve.
Focusing on comprehensive intelligentization and digitalization, its in-depth layout and effective execution in the international market and ToB business have pushed Midea Group to make achievements in both “going global and diversification”, and with its firm strategies, the Company is striding forward towards becoming a global B-end enterprise. Its listing on the Hong Kong Stock Exchange will also help the Company to further enhance its international image and open up broader space for its expanding in overseas markets and enhancing its overall competitiveness, thus enabling its market scarcity attributes and investment value to be ready to unleash.
– with a Commitment to Sustainable Development and Continuous Breakthroughs in Overseas Businesses
On August 19, Midea Group, a leading global enterprise in home appliances and smart manufacturing, released its interim results report for 2024. The report indicates that the Company achieved a total revenue of RMB218.1 billion, representing a year-on-year increase of 10%. Net profit attributable to shareholders of the listed company reached RMB20.8 billion, representing a year-on-year increase of 14%. Both revenue and net profit saw double-digit growth, further solidifying the Company’s leading role in the industry.
Highly Emphasizing ESG and Establishing a Strong Global Business Profile In the first half of 2024, Midea Group has centered its core values around advanced ESG principles, continually making deep efforts in areas of environment, society and corporate governance, setting a benchmark for the sustainable development in the industry. The data reveals that the Company has planned and implemented 1,415 energy-saving and carbon-reduction projects in the first half of the year, with anticipated annual profits reaching RMB170 million, demonstrating the Company’s firm commitment to green transformation and outstanding achievements.
In terms of social responsibility, Midea Group has made generous contributions, including RMB1 million to No. 2 Middle School in Dongfeng Town, Zhongshan City, to support educational infrastructure, and RMB400,000 to Dandelion School-Beijing, to support the development of education and improve the lives of teachers and students, demonstrating the Company’s deep commitment to social welfare and promoting educational equity.
With its outstanding contributions in the ESG field, Midea Group was listed on the “Fortune 2023 China ESG Impact List” and honored with the “Forbes China’s ESG Inspirational Case for 2023” award, which further consolidates its leadership in the ESG and establishes its image as a responsible and committed enterprise in the global market.
Strengthening Investment in Science and Technology to Significant Improve the Overall Competitiveness While implementing the ESG concept, Midea Group takes innovation as its core strategy and continues to increase its investment in research and development (R&D), leading the new trend of technological advancement and product innovation. In the first half of 2024, the Company’s investment in R&D amounted to RMB7.66 billion, representing a year-on-year increase of 15.91%. More than 5,000 new patents have been licensed and the number of patents held is the eighth largest in the world. These dazzling achievements are not only the crystallization of the Company’s technological innovation, but also a powerful demonstration of the commitment to technological leadership and the pursuit of excellence. Through in-depth R&D, the Company is accelerating the iteration and innovation in the field of smart home, bringing consumers a more intelligent, convenient and comfortable living experience, and is expected to make a huge difference in the field of smart home in the future.
Accelerating Overseas Business Development and Continuing to Deepen Globalization Strategy Midea Group continues to deepen and expand its global business layout, accelerating the breakthrough of its global operations. Data shows that in the first half of 2024, Midea’s overseas OBM business revenue accounted for nearly half of the revenue from its overseas Smart Home Solutions, with over 40% market share highlighting its strong brand influence and market competitiveness.
It is particularly noteworthy that Midea Group’s overseas e-commerce business under its own brand has experienced explosive growth. In the first half of 2024, e-commerce sales revenue increased by over 50% year-on-year. Many star products topped Amazon’s best-seller lists, successfully winning the hearts of consumers in multiple countries.
On its path to globalization, Midea Group is well aware of the importance of “R&D first” and has accelerated the construction and scale expansion of overseas R&D centers , with 17 R&D centers established in 10 countries around the world, building a global network with complementary advantages.
At the same time, the Company places great emphasis on talent development, actively promoting a “Diversity, Equity and Inclusion” (DEI) corporate culture. It is intensifying efforts to attract and cultivate local talent teams in its overseas markets. By integrating the strengths of local and international talents, the Company continually optimizes its talent structure, providing solid support for the sustainable and healthy development of its overseas business.
In terms of manufacturing presence, Midea Group has also demonstrated strong foresight and execution capabilities. Currently, the Group’s manufacturing is primarily carried out in 43 major manufacturing bases worldwide, including 22 overseas bases, enabling it to produce and deliver globally in a seamless manner. Also, the Company also actively promoted the smooth production of four national manufacturing bases and the construction of new factories at four production bases, further enhancing the global supply chain system, boosting brand influence and increasing market competitiveness to achieve long-term global strategic goals.
Overall, in the first half of 2024, through continuous investment in innovation, global market expansion, effective brand building and active ESG practices, Midea Group has achieved a series of impressive results, winning the trust and favor of consumers worldwide. In the future, the Company will continue to drive innovation, deepen digital transformation, improve operational efficiency, and collaborate with global partners, focusing on users and constantly exploring smart home and smart manufacturing to create a better living experience for consumers around the world.
Graphene Manufacturing Group Ltd(‘GMG’, TSXV: GMG) is pleased to announce this business update on its recently commissioned Modular Graphene Production Plant at Richlands, Australia.
GMG Graphene Production Plant Project Team
The newly commissioned Graphene Production Plant has been operating and producing Graphene since its commissioning date in December 2023.
The performance of the production unit has exceeded the Company’s expectations in both graphene production rate and graphene quality. The Company continues to perform minor optimisations with this new production plant which have both increased production yield and quality of the graphene.
The Company has also authorised a total of AU$250k of capital expenditure for new equipment for quality assurance and quality control purposes of the Company’s graphene for its Graphene Aluminium Ion Battery and its liquid graphene products, THERMAL-XR® and G® Lubricant. The equipment being procured by the Company includes: a Raman Spectrometer and a Particle Size Analyzer amongst others. These are sophisticated analytical and characterisation laboratory equipment which will be operated by GMG scientists and technicians. To date the Company has been fortunate to work with various Universities to obtain this analysis. Once the equipment is procured, delivered, commissioned and operational the Company will largely be self-sufficient on testing of its nano materials.
GMG’s Managing Director and CEO, Craig Nicol, commented: “We are very excited to see the new modular plant exceed expectations in terms of graphene production and quality. The expansion of our graphene characterisation equipment will also reduce learning loop times for optimisation projects where we no longer have to wait for University equipment access. The graphene production system uses GMG’s self developed innovative plasma technology which creates the high quality graphene GMG’s end products need to deliver their notable benefits.”
GMG’s Chairman and Director, Jack Perkowski, commented: “It is great to see the Company’s production technology maturing to this point as this is GMG’s fundamental core competency. Ongoing graphene production and characterisation developments will only support the Company’s ability to develop and provide its useful liquid graphene products and Graphene Aluminium Ion Battery.”
GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.
GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.
In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of G+AI Batteries.
For further information please contact:
Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation: statements relating to the type of equipment being procured by the Company and the operators of such equipment; and the expected benefits of the analytical and characterisation laboratory equipment.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation: assumptions relating to the type of equipment that will be procured by the Company; that the equipment will be operated by the Company’s scientists and technicians; that once the equipment is procured the Company will be able to perform its own testing of nano materials; that the expansion of GMG’s characterisation equipment will reduce learning loop times for optimisation projects as the Company will no longer have to wait for University equipment access; and that ongoing graphene production and characterisation developments will support the Company’s ability to develop and provide its products.
Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will be unable to procure the expected equipment; that the Company’s scientists and technicians will be unable to operate the new equipment; that even if the expected equipment is procured, that Company will not become self-sufficient in testing its own nano materials; that the expansion of the Company’s graphene characterisation equipment will not reduce learning loop times for optimisation projects; that ongoing graphene production and characterisation developments will not support the Company’s ability to develop and provide its products; risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets; the volatility of global capital markets; political instability; the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel; unexpected development and production challenges; unanticipated costs; and the risk factors set out under the heading “Risk Factors” in the Company’s annual information form dated October 12, 2023 available for review on the Company’s profile at www.sedarplus.ca.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
– Total Revenue of RMB 12.469 billion and Profit Increased by 56.6% to RMB417 million – Brilliant Showcase of the Full-scenario New Energy Solutions – “Battery Expert” Continues to Innovation and Empower the Global Energy Ecosystem
On August 29, CALB Group Co., Ltd. (CALB or the Group, HKG: 3931), a global vanguard in new energy power generation and storage technology, announced interim results for six months ended June 30, 2024. According to the financial report, the Group achieved total revenue of RMB12.469 billion, a year-on-year increase of 1.4%. The profit increased by 56.6% to RMB417 million. Gross profit rose by 65.2% to RMB1,948 million, with a gross profit margin up by 6 pp to 15.6%. The net assets amounted to RMB47.369 billion, an increase of 2.1% over early 2024.
CALB noted that the revenue growth in H1 2024 was mainly attributable to the release of the Group’s production capacity, further diversified in customer structure, and significant growth in business scale. By product division, revenue generated from the sales of EV batteries reached RMB9,724 million, accounting for 78% of total revenue. Meanwhile, revenue generated from the sales of ESS products and others increased by 43.2% year-on-year to RMB2,745 million, accounting for 22% of total revenue.
In the first half of 2024, CALB made full efforts in all fields to achieve sustained and rapid development. The Group’s installed capacity of EV batteries firmly ranked the second place in China and rose to the top four globally among the third-party EV battery providers. The installed capacity for hybrid electronic vehicles and commercial vehicles has more than doubled, while the delivery of BEV batteries for high-end market increased significantly year-on-year, the Group became the designated partner of new platforms and projects of many international customers such as Toyota, Volkswagen, Ford, Audi and Mazda. Additionally, CALB’s 314Ah ESS battery was the first in the industry to achieve stable delivery in batches, and secured the battery order for the world’s largest energy storage project. For the E-ship market, the Group also signed several projects of international large-scale commercial ships, and the deliveries will be completed in succession.
In terms of innovation in technologies and products, CALB continues to make strides, achieving a series of key technological breakthroughs. On August 28, the “2024 CALB Global Ecosystem Conference” officially showcased the full-scene series of new products in several major categories, including EV, eVTOL, ESS, E-ship and E-train, together with a highly anticipated all-solid-state battery solution, continuously leading the industry to new heights.
The new series for passenger EVs and eVTOLs includes four batteries: super BEV battery with new 5V LNMO cathode and upgraded performance (400km with 5 mins recharge, 100% performance under -20oC), super REEV battery with extreme fast charging of 5C, super PHEV battery with ultra-high power up to 400kW, and super eVTOL battery with extremely high energy density of 350Wh/kg with 46-cyclidical solutions, all scheduled to be launched between 2025 and 2026. The new series for commercial applications encompasses four battery systems, including a high-capacity battery system for light trucks with mileages up to 600km, a standard 800kWh solution for heavy trucks to reach mileages up to 530km, a flexible solution for E-trains, and a 199MWh walk-in solution for E-ships. The series for ESS applications includes three different specifications of cells and systems: the industry’s first mass-produced Gen2 314Ah battery cell with the cycle life of 15,000 times and the upgraded 5MWh ESS container, the 6.25MWh ESS container with the newly designed 392Ah battery cell, which will be the world’s 1st in the market and perfectly compatible with existing production lines for 314Ah cells, and the 6.8MWh+ ESS container equipped with the next generation 625+Ah battery supported by the Gen3 stacking technology. The all-solid-state battery, a major blockbuster product that has drawn significant attention at the conference, is set to enter the pilot installation phase in 2027, achieving the industry’s peak energy density of 430Wh/kg in mass production.
For the future prospects, revolving around the business strategy of “dual-driven force of power and energy storage” and regional strategy of “Paradigm Featuring Dual Circulation”, CALB is dedicated to serving the high-quality development of new energy with its leading technology and product capabilities. As for innovation in technology and product, the Group is committed to continuous technological innovation in multiple dimensions and maintaining its leadership in advanced materials, advanced manufacturing technologies, high performance battery and system technologies, new batteries, and battery life-cycle management, etc. to ensure the competitive advantages of its products in the application field. Meanwhile, the Group will pool its efforts and resources to provide comprehensive product solutions and life-cycle management for the new energy full-scenario application market represented by EV and ESS. In alignment with its strategic goal of internationalization, the Group will continue to accelerate its strategic internationalization process from multiple aspects including production capacity, market and supply chain.
In the future, CALB will adhere to the innovation-driven development strategy, firmly grasp the high-quality development, develop new quality productive force, continuously define and expand the global markets and persistently provide global customers with a full range of optimal solutions. Based on the positioning as a “battery expert”, the Group will be dedicated to the technologies and product offerings to serve the market and satisfy the customers, continue to shape a healthy ecosystem for the new energy industry.
– Unleashing New Value and Momentum in New Quality Productive Forces – Core Businesses Achieves Steady and Quality Development
Results Highlights 1.The container manufacturing business segment maintained a global leading position with significant improvement in results: Benefiting from the increase in the container trade transportation demand and uncertain events such as the Red Sea incident, which led to lower the efficiency of container transportation, the sales volume of dry containers recorded a 425.54% growth year-on-year. In the first half of the year, the revenue of the container manufacturing business was RMB24.95 billion, representing a year-on-year increase of 83%, and net profit increased by 66% to RMB1.276 billion.
2.Significant growth in offshore engineering revenue: Benefiting from the continued recovery of the offshore engineering equipment market, the revenue of this business segment grew significantly by 89% year-on-year to RMB7.78 billion. New orders increased by 20.1% year-over-year to US$1.79 billion, and the accumulated value of orders on hand increased by 20.9% to US$6.18 billion, of which the proportion of oil and gas business, wind power installation vessels, and ro-ro ships was approximately 2:1:1. The net loss continued to narrow by 54% to RMB84 million.
3.Steady operation in two business segments for road transportation, energy, chemical, and liquid food: The vehicle business achieved revenue of RMB10.7 billion and net profit of RMB574 million, with its market share maintaining the number one position domestically; Revenue from CIMC Enric grew 6.7% year-over-year to RMB11.48 billion, and the orders on hand reached a record high of RMB29.35 billion.
China International Marine Containers (Group) Co., Ltd. (CIMC Group or the Group, stock code: 000039.SZ/02039.HK) is pleased to announce the unaudited interim results for the six months ended 30 June, 2024 (the Reporting Period).
The management of CIMC Group said, “In the first half of 2024, global commodity trade demand rebounded, the container market stabilised and recovered, global energy security and consumer demands increased, and the global shipping and offshore engineering market environment continued to improve. Based on the continuously consolidating foundation of its global operation platforms, we successfully navigated regional risks and achieved stable and high-quality development.In the first half of the year, the Group achieved revenue of 79.1 billion, increased by 30.61% year-over-year, with a gross profit margin maintained at 10.73%. The net profit attributable to the parent company was approximately RMB870 million, which grew substantially 117% year-over-year. During the period, the Group’s container industry maintained its global industry-leading position, and its road transportation, vehicles, energy/chemical/liquid food equipment, and offshore engineering businesses also enhanced strong global competitiveness. The Group’s domestic revenue accounted for approximately 45.55% and its overseas revenue accounted for approximately 54.45%, which was flat as compared with the same period last year, maintaining a sound market landscape.”
A review of the main businesses is as follows:
In the logistics field:
In the container manufacturing business, the demand for global goods trade picked up, and uncertain events such as the Red Sea incident led to the detour of European routes, which lowered the efficiency of container transportation, and the demand for containers increased. The production and sales volume of the Group’s container manufacturing business witnessed a significant year-on-year increase. In particular, the accumulated sales volume of dry containers reached 1,382,700 TEUs (same period in 2023: 263,100 TEUs), representing a year-on-year increase of approximately 425.54%. The accumulated sales volume of reefer containers reached 44,700 TEUs (same period in 2023: 51,500 TEUs), representing a year-on-year decrease of approximately 13.2%. During the period, the container manufacturing business of the Group recorded a revenue of RMB24.95 billion (same period in 2023: RMB13.668 billion), representing a year-on-year increase of 82.54%, and a net profit of RMB1.276 billion (same period in 2023: RMB0.768 billion), representing a year-on-year increase of 66.25%. During the period, the Group took decisive action in response to the surging transportation demand in the container transportation market and the issue of lower container turnaround efficiency due to the detours caused by the Red Sea incident, resulting in significant improvements in production efficiency and delivery capabilities, further boosting overall operational efficiency and market competitiveness.
Driven by similar factors, in the logistics services business, both business volume and profitability of most products of the Group recorded considerable year-on-year growth in the first half of the year, with more notable growth in the second quarter as compared to the first quarter. During the period, the logistics services business of the Group realised a revenue of RMB14.089 billion (same period in 2023: RMB9.132 billion), representing a year-on-year increase of 54.28%, and a net profit of RMB204 million (same period in 2023: RMB55 million), representing a year-on-year increase of 274.74%. In the first half of the year, the sea transportation business performed well due to the multiple measures and proactive responses, ranking CIMC Wetrans as TOP 13 on Transprot Topic’s Global Sea Transportation Enterprise List for 2024, the third place among Chinese enterprises.
In the road transportation vehicles business, CIMC Vehicles actively forges new quality productivity, and continues to deepen the “StarLink Project”. During the first half of the year, against the backdrop of the industry bottoming out, it rises to the challenge and breaks through against the trend, its market share has increased, maintaining the number one position domestically. In the specialty vehicles business, CIMC Vehicles continued to consolidate its domestic market and expand into overseas markets, and actively developed integrated new energy products, leading to the small-scale delivery of the industry-first integrated hybrid electric semi-trailer tractor mixer. During the period, CIMC Vehicles achieved revenue of RMB10.7 billion (same period in 2023: RMB13.47 billion), representing a year-on-year decrease of 20.56%; achieved a net profit of RMB574 million.
In the airport facilities and logistics equipment, fire safety and rescue equipment business, CIMC TianDa through integrating production and marketing layouts both at home and abroad, actively promoted integrated operations, thereby reducing overall operating costs and striving to maintain its advantages and keep its long-term stable growth of profitability in a fiercely competitive environment. During the period, the revenue of the business segment grew by 5.31% to RMB2.403 billion, and net profit increased by 364.81% to RMB37 million. In the first half of 2024, the increase in the acceptance and delivery of passenger boarding bridges and fire trucks had driven the increase in the revenue from the airport facilities and logistics equipment, and fire safety and rescue equipment businesses as compared with the same period last year, and total profit of the segment also increased year-on-year. In terms of newly signed orders, the demand in the airport facilities market continued to recover, and the program to issue RMB1 trillion treasure bonds in China boosted the rise in demand for fire safety equipment, owing to which total newly signed orders maintained overall growth.
In the energy industries field:
In the offshore engineering business, in the first half of the year, the international oil prices were at a high level, which stimulated an increase in demand for the oil and gas production platforms, the continuous growth in marine operation activities drove the utilisation ratio of and the rental for offshore engineering equipment to be on the rise, and the offshore engineering equipment market continued to recover. During the period, as new orders for offshore engineering entered the construction period successively, the offshore engineering business of the Group recorded a revenue of RMB7.784 billion (same period in 2023: RMB4.119 billion), representing a year-on-year increase of 88.95% growth. In terms of new orders: the value of effective orders/orders won increased by 20.1% year-on-year to US$1.79 billion (same period in 2023: US$1.49 billion) as of the end of June, including two FPSO and three ro-ro ships. The accumulated value of orders on hand increased by 20.9% to US$6.18 billion (same period in 2023: US$5.11 billion), of which the proportion of oil and gas business, wind power installation vessels, and ro-ro ships was approximately 2:1:1, which had effectively eased the periodic fluctuation of the oil and gas market, demonstrating that successful strategic transformation had been achieved.
In the offshore engineering asset operation business, the Group’s on-lease platforms maintained its high-quality services and occupation rates and continued to provide customers with high-quality and efficient services. Against the backdrop of global energy security and growing consumer demand, the offshore engineering market remained active. The deep-water platform market has benefited from continued investment in development by international oil companies. According to Rystad’s forecast, global capital spending on deepwater oil and gas drilling will increase 10% year-on-year, hitting the highest level in over 10 years. The increase in global demand and the reduction in drilling platform availability are jointly driving the continued growth in day rates and utilisation rates. During the period, Caspian Driller, one of the Group’s jack-up drilling platforms, was granted a 3+2 year contract extension by the customer; and Deepsea Yantai, one of the Group’s mid-deepwater semi-submersible drilling platforms, was granted a contract extension by the customer, and the new leases increased by over 10% in daily rate as compared to the current contracts.
In the energy, chemical, and liquid food equipment business, this segment achieved a revenue of RMB12.121 billion (the same period last year: RMB11.388 billion), representing a 6.43% year-over-year growth, and net profits of RMB242 million (the same period last year: RMB435 million), representing a year-on-year decrease of 44.52%. In which, CIMC Enric registered a revenue of RMB11.48 billion (same period last year: RMB10.76 billion), representing a year-on-year increase of 6.7%, newly signed orders amounted to RMB16.4 billion (the same period last year: RMB12.67 billion), representing a year-on-year increase of 29.5%, orders on hand as of the end of June amounted to RMB29.35 billion (the same period last year: RMB20.6 billion), representing a significant year-on-year increase of 42.5%, reaching a record high. The clean energy segment saw steady revenue growth, with strong demand for LNG storage and transportation equipment, as well as LNG on-vehicle cylinders. The small and medium-sized liquefied gas carriers market remained highly prosperous. In the hydrogen energy field, we successfully acquired the core assets of Beijing Zhonglian Sheng during the period and won the bid for China’s largest ammonia, hydrogen, and alcohol tank project. In the chemical and environment segment, its tank container global market share remained number one and demonstrated resilient development. In the liquid food segment, it actively responded to market changes and seized growth opportunities in the domestic liquor market, winning bids for multiple liquor projects.
Outlook and future development
Logistics Segment
In the container manufacturing business, according to CLARKSONS’ forecast in July, the growth of global container trade will significantly increase from 0.7% in 2023 to 5.1% in 2024, and in 2025, the global container trade is expected to see further growth of 2.9%, which suggests an optimistic and stable outlook for the transportation demand in the container transportation market. To cope with the risk of container shortage brought about by these uncertain events, customers’ willingness to spare containers will increase, coupled with the stable replacement rate of old containers, the demand for new containers is expected to be underpinned by the stable fundamentals during 2024–2025.
In the road transportation vehicle business, in the second half of 2024, the demand for logistics and transportation in China will gradually recover, and the semi-trailer industry in China will accelerate its transformation and upgrading towards a new development stage of regularisation, standardisation, intelligence, and electrification. As the U.S. policy trend of interest rate cuts becomes increasingly certain, the demand for semi-trailers in North America may be released; and as the regulation on sustainable development of the European semi-trailer industry becomes stricter and the demand for multimodal transportation grows, the European semi-trailer industry, which is experiencing a slowdown in demand, may be benefited. There is an expected recovery in the specialty vehicle industry, with the penetration rate of new energy specialty vehicles gradually increasing and the regularisation process of specialty vehicle transportation speeding up.
Energy Segment In the energy, chemicals, and liquid food equipment business, the latest report of Goldman Sachs Group predicts that by 2029, global investment in LNG is expected to increase by more than 50%, and global LNG supply will surge by 80% by 2030. In the domestic market, IEA predicts that by 2030, China’s share in effective LNG contracts will be doubled, increasing from 12% in 2021 to about 25%. As a leading enterprise in advanced intelligent manufacturing of clean energy equipment, driven by the increase in LNG demand, CIMC Enric is expected to continue to benefit from the related storage and transportation equipment and engineering business and will continue to expand business opportunities in overseas markets such as Southeast Asia, Africa, and the Middle East. CIMC Enric will pay attention to the changes and opportunities in the hydrogen energy market, continue to deepen the whole industrial chain layout and integrate solution capability of “preparation, storage, transportation, filling and application. In addition, leveraging its extensive years of experience in production technology and quality management in the tank container manufacturing field and the market share of its medical equipment components business, the Group will be actively monitoring changes in the global liquid food market, and maintaining close attention on emerging opportunities in the domestic liquor and other new industry segments.
In the offshore engineering business, due to the relatively high oil prices continuing to stimulate oil and gas production platforms, the offshore engineering construction market was entering an upward cycle. The FPSO/FLNG market has high short-term demand and ample long-term project reserves. It is anticipated that offshore engineering manufacturers will maintain a high capacity utilisation rate over the next 3–5 years. Leveraging the advantage of the industrial cluster effect, the offshore engineering manufacturers in China are competing for orders with high technical thresholds with those in Japan and South Korea. In the second half of 2024, the Group’s offshore engineering business will continue to actively promote transformation, and integrate the industry mapping. Taking offshore oil and gas as the foundation, the Group will gradually expand to new energy sources to form a business portfolio that dilutes the impacts of the industrial cycle.
Financial and Asset Management Segment The offshore engineering asset operation and management business of CIMC will continue to capitalise on the active cycle in the offshore engineering market and fully utilise the advantages in the entire industrial chain to advance market development, thereby improving asset rental rates. By focusing on customer needs, the Group will enhance customer satisfaction and explore future cooperation opportunities. Through lean management, the Group will continuously strengthen cost control and core competitiveness, promoting steady growth in profitability.
The Group’s management concludes, “In the first half of the year, the Group has consolidated and enhanced its leading industry position in its existing core businesses, while also focusing on expanding multiple strategic emerging businesses. Our core businesses have achieved steady and high-quality growth, and our effective global business layout has also effectively mitigated the impact of recent global market cyclical fluctuations.
Looking ahead to the second half of the year, CIMC will follow the guidance of national policies based on the situation in the new development stage, and will also continue the implementation of the strategic theme of “accelerating the construction of new growth drivers and focusing on promoting high-quality development. We will firmly grasp the important opportunities of new quality productivity, the “Belt and Road” initiative, the unified large market, scientific and technological innovation, and green development. By consolidating and enhancing our leading industry position in our existing core businesses, we will continue to activate new business value and new driving forces, to achieve our goal of high-quality growth.”
-Ends-
About China International Marine Containers (Group) Co., Ltd. The CIMC Group is a world leading equipment and solution provider in logistics and energy industries, and its industry cluster mainly covers logistics and energy fields, strengthening its position as a global market leader. In the logistics field, the Group still adheres to taking container manufacturing business as its core business, based on which to develop road transportation vehicles business, airport facilities and logistics equipment/fire safety and rescue equipment business and to a lesser extent, logistics services business and recycled load business providing products and services in professional field of logistics; in the energy field, the Group is principally engaged in energy/chemical/liquid food equipment business and offshore engineering business; meanwhile, the Group also continuously develops emerging industries and has finance and asset management business that serves the Group itself. As a diversified multinational industrial group that shoulders the mission of global serving, CIMC owns 3 listed companies and over 300 member enterprises in Asia, North America, Europe, Australia and others, and extensive customers and sales networks covering more than 100 countries and regions. During the year, the Group recorded a revenue of RMB127.81 billion, with gross profit margin remained at 13.77% and net profit of RMB 1.863 billion. The Group was ranked 170th in the Fortune 500 China 2023.
Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to provide a business update on the commercialisation progress of THERMAL-XR® Powered by GMG Graphene.
GMG and Nu Calgon have signed an agreement with a consultant to prepare and submit a Pre-Manufacture Notice (PMN) for its USA Environmental Protection Agency’s (EPA) approval to import and sell in the USA, as previously announced in its THERMAL-XR® re-submission. The PMN application is expected to be submitted before the end of October and the potential approval is expected to take less than 12 months. The PMN will be substantially different from the Low Volume Exemption (LVE) PMN GMG previously submitted. The potential PMN EPA approval that GMG will be seeking is expected to be not limited by volume, application and any one particular sector, while the LVE PMN application was limited to 10 tonnes per annum, one application technique and the HVAC sector.
End-user Customer Engagement in the USA is ongoing with North America Distribution Partner Nu Calgon, which is known as the largest specialty chemical provider to the HVACR market in North America. Nu Calgon has a 37 person sales team with approximately 4000 distribution points. Nu Calgon’s Cool Worx Powered by GMG Graphene was introduced to the North American HVACR industry at the AHR Expo in January 2024. As previously announced, Thermal XR® provided a 36.7% reduction in energy when demonstrated on a 30 ton Aaon packaged rooftop air-conditioning system at the High School Gymnasium in Harlingen, Texas.
GMG continues to engage global Air Conditioning Manufacturers in China and the USA for THERMAL-XR® production coating trials. GMG is also working with a global Manufacturer of Trucks and Trains.
GMG is now working with a number of global manufacturing companies in various sectors which have passed product performance testing with THERMAL-XR® and are now working through processes to achieve optimal production line performance, with the aim to go into full production thereafter.
GMG’s Managing Director and CEO, Craig Nicol, commented: “The progress GMG is making with THERMAL-XR® is exciting. The various types of industries that are now trialling and in some cases ordering the product include after-market air conditioning, data centres, air conditioner manufacturers, truck and train manufacturers and industrial facilities such as LNG plants.”
GMG’s Chairman and Director, Jack Perkowski, commented: “THERMAL-XR® is an exciting prospect for the Company in many markets including for the China Air Conditioner Manufacturers. It is encouraging to see the Company gaining traction in this and other markets.”
About THERMAL-XR® powered by GMG Graphene:
THERMAL-XR® COATING SYSTEM is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.
THERMAL-XR RESTORE® is powered by GMG Graphene. PATENT PENDING
GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications.
The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving coating), lubricants and fluids.
In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).
GMG’s 4 critical business objectives are:
Produce Graphene and improve/scale cell production processes
Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, the potential for THERMAL-XR® to enable energy producers to produce additional energy more efficiently, the timing of submission of the Company’s PMN application, the receipt, timing and nature of approval by the EPA of the PMN application, the Company’s goal of achieving optimal production line performance for THERMAL-XR® and the entering of full production.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the development of extensions and enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will be able to derive the expected benefits from the Company’s products, that the Company’s PMN application will be submitted on the timetable anticipated, that the EPA will approve the PMN application and on the timing anticipated, that the content of the EPA’s approval will be as anticipated, and that the Company will be able to achieve optimal production line performance for THERMAL-XR® and enter full production. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that there will be no developments of extensions or enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will not derive the expected benefits from the Company’s products, that the Company’s PMN application will not be submitted on the timetable anticipated or at all, that the EPA will not approve the PMN application on the timing anticipated or at all, that the content of the EPA’s approval will not be as anticipated, that the Company will be unable to achieve optimal production line performance for THERMAL-XR® or enter full production, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading “Risk Factors” in the Company’s annual information form dated October 12, 2023 available for review on the Company’s profile at www.sedarplus.ca.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
