Mongolian Mining Corporation Revenue Falls, Gold Output Set For Q3 Boost

KUALA LUMPUR, Aug 29 (Bernama) -- Mongolia’s largest washed hard coking coal producer and exporter, Mongolian Mining Corporation (MMC), reported a nearly 36 per cent year-on-year drop in revenue to US$346.6 million for the first half ended June 30, 2025 (1H2025), as weaker coal prices dampened earnings despite stable sales volumes. (US$1=RM4.20)

In a statement, MMC said it sold approximately 4.2 million tonnes (Mt) of washed coal products, comprising 3.3 Mt of primary products and 0.9 Mt of secondary products.

As such, sales volume remained at similar levels compared to the first half of 2024; however, the revenue declined as average selling prices (ASP) softened due to weaker market sentiment during the period under review.

Despite the coal market slump, the company is optimistic. Its Chief Executive Officer, Dr Battsengel Gotov pointed to improving market sentiment in the third quarter (Q3) of this year and stressed that MMC remains committed to diversifying its portfolio.

In 1H2025, the group’s gross profit was approximately US$62.9 million, while the net loss attributable to equity shareholders was approximately US$23.3 million, compared to a net profit of US$133.0 million for the corresponding period in 2024.

Such decline was primarily attributable to lower ASP, as well as a one-off loss of US$25.0 million related to debt refinancing.

However, the group successfully advanced construction works to develop the Bayan Khundii (BKH) gold mine located in Bayankhongor aimag (province) in Mongolia.

During the quarter ended June 30, commissioning of the BKH gold mine processing plant and site support facilities such as power, heat and water supply infrastructure, laboratory, and warehouse were conducted by relevant authorities.

Initial overburden removal operations commenced at the end of the second quarter, with commercial gold production expected to begin within Q3 of this year.

-- BERNAMA

Boyd Unveils Plug-And-Play Tool To Speed Up Liquid-Cooled Data Centre Deployment

KUALA LUMPUR, Aug 28 (Bernama) -- Boyd has introduced a new thermal testing tool, the Rack Emulator, aimed at enabling safer and more efficient deployment of liquid-cooled data centres, particularly for artificial intelligence (AI) infrastructure.

In a statement, the company said the Rack Emulator is designed to simulate the pressure drop and heat dissipation of a rack while using automation to test coolant distribution units (CDUs) and facility cooling systems.

The tool validates thermal performance before connection to data centre information technology (IT) equipment, ensuring efficient and safe operation during start-up without risk of damage.

“Boyd’s new Rack Emulator will help our end clients reliably and safely validate thermal performance and safeguard their IT equipment,” said Boyd President, Thermal Solutions Division, David Huang.

Boyd’s Rack Emulator is programmable and flexible, capable of simulating any rack by connecting to the liquid cooling system and inputting capacity and pressure drop protocols.

Additionally, the emulator can test electrical inputs to the rack before the server is installed, further enhancing safety and reliability.

Functioning as a thermal load bank and simulator in a rack-sized package, the Rack Emulator fits conveniently within a data centre row, minimising space requirements and simplifying load bank testing. The tool is easy to ship, store, and operate, helping lower the total cost of ownership.

Available for order now, Boyd confirmed that shipments of the Rack Emulator will commence in September.

Boyd’s liquid cooling technologies, supported by a global service model, enable clients to meet thermal performance specifications through modular and easy-to-adopt designs, backed by decades of design and manufacturing expertise.

-- BERNAMA

TOSHIBA LAUNCHES 650V 3RD-GENERATION SIC MOSFETS FOR HIGH-EFFICIENCY INDUSTRIAL POWER

 

Toshiba: 650V 3rd generation SiC MOSFETs in TOLL package.

KUALA LUMPUR, Aug 28 (Bernama) -- Toshiba Electronic Devices & Storage Corporation (Toshiba) has introduced three 650-volt (V) silicon carbide (SiC) MOSFETs, equipped with its latest third-generation SiC chips and housed in surface-mount TOLL packages.

Volume shipments of the new MOSFETs, “TW027U65C”, “TW048U65C”, and “TW083U65C”, begin today, according to Toshiba in a statement.

The new devices are suitable for industrial equipment, such as switched-mode power supplies and power conditioners for photovoltaic generators.

The new MOSFETs deliver significant performance and size advantages. Toshiba claims the TOLL package design reduces device volume by over 80 per cent compared to traditional TO-247 through-hole packages, boosting power density in compact equipment.

The TOLL package also offers lower parasitic impedance, which cuts switching losses. As a 4-terminal package, it supports Kelvin-source connections for improved gate drive performance and high-speed switching.

In tests, the TW048U65C achieved approximately 55 per cent lower turn-on loss and 25 per cent lower turn-off loss compared to Toshiba’s previous generation.

Toshiba will continue to expand its lineup to contribute to improved equipment efficiency and increased power capacity.

-- BERNAMA

THAILAND’S ALLIANZ AYUDHYA GENERAL INSURANCE RATINGS AFFIRMED EXCELLENT - AM BEST

KUALA LUMPUR, Aug 28 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Thailand’s Allianz Ayudhya General Insurance Public Company Limited (AAGI).

The outlook of these credit ratings (ratings) is stable, reflecting AAGI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

In addition, AAGI benefits from rating enhancement from Allianz SE (Allianz Group), reflecting the explicit and implicit support it receives from the group, according to AM Best in a statement.

AAGI’s solid balance sheet is supported by its very strong level of risk-adjusted capitalisation at year-end 2024, as measured by Best’s Capital Adequacy Ratio.

The company’s risk-adjusted capitalisation remains sensitive to the company’s ultimate capital distribution levels and earnings retention; however, it is expected to remain at least at the strong level over the medium term.

With the majority of its investments allocated to cash, deposits and high-quality bonds, AM Best views AAGI’s investment strategy as conservative, and it has a moderate reliance on reinsurance to support its underwriting capacity and manage its exposure to catastrophic events.

Operating performance dipped slightly in 2024 with a combined ratio of 101.1 per cent, compared with 96.7 per cent in 2023, primarily due to flood losses in northern Thailand and higher health claims, though this was partially offset by an improved motor insurance portfolio.

The company’s operating performance remained profitable in the first half of 2025, despite some impact from the Thailand earthquake in March. Its stable investment income, which is comprised of mainly interest income, continues to support overall profitability.

While AAGI holds a limited business profile, operating solely within Thailand, it is the country’s ninth largest general insurer, with a 3.7 per cent market share. The 2023 amalgamation with Aetna Health Insurance (Thailand) has bolstered its health insurance scale and diversified its portfolio.

-- BERNAMA

EdgeconneX Doubles Down With Second 150MW Data Centre In Greater Osaka

KUALA LUMPUR, Aug 27 (Bernama) -- EdgeConneX has announced the acquisition of its second data centre site in the Greater Osaka and Yawata areas of Japan, bringing its total data centre platform capacity to 350 megawatts (MW) of utility power, further highlighting the region's significant scalability potential.

A pioneer in global build-to-suit and build-to-density data centre solutions, EdgeConneX in a statement, said the second site will provide an additional 150MW upon completion, adding to the previously announced 200MW in Japan.

“Our rapid expansion in Japan signifies our commitment to supporting the country's digital transformation. By blending world-class technology, sustainability, and innovation, EdgeConneX is uniquely positioned to meet the demands of a power-constrained and high-growth market like Japan,” said its Managing Director, Market & Commercial Development, Sam Lee.

Meanwhile, EdgeConneX Head of Japan, Masahiko Inoue said with these two facilities, the company aims not only to address the increasing need for advanced information technology (IT) infrastructure but also to solidify Japan's position as a global leader in cloud and artificial intelligence (AI) technologies.

Backed by EdgeConneX expertise in AI and next-generation data centre design, these facilities are equipped to handle workloads exceeding 600 kilowatts (kW) per rack through its high-density Ingenuity product suite, supporting the most advanced NVIDIA, AMD, and Intel deployments.

The strategic location of these facilities in Greater Osaka, combined with Japan's thriving digital economy, positions the country as a critical hub for Cloud and AI providers.

A ceremony was held recently with landowner Keihan Real Estate, an integrated developer built upon the foundation of Keihan’s 100-plus-year history in the railway business.

This expansion milestone follows the announcement in January this year of EdgeConneX's first project in Japan, a 200MW facility scheduled to begin construction in early 2026 and expected to open its first phase by the fourth quarter of 2027.

Upon completion, EdgeConneX will be one of the largest data centres in the Kansai area, further solidifying Osaka's position as a hub for cutting-edge IT infrastructure, in line with the country's vision for a Digital Garden City Nation.

-- BERNAMA

Bitget Brings the Bull to Bali at Coinfest Asia 2025

BALI, Indonesia, Aug 27 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has successfully concluded its participation at Coinfest Asia 2025, held at Nuanu Creative City, Bali, from 21 to 22 August. As one of the most anticipated gatherings on the Asian crypto calendar, Coinfest Asia brought together innovators, builders, and enthusiasts, with Bitget marking its presence with a series of engaging activities that spotlighted its community-driven spirit, product innovation, and global partnerships.

The celebrations kicked off on 20 August with a lighthearted padel game tournament at Paradise Padel Bali, bringing together partners and friends ahead of the main Coinfest agenda. On 22 August, Bitget and Bitget Wallet co-hosted the official Indonesia side event, 'Chill & Bull', which featured product sharing sessions from VIP managers, an introduction to Bitget’s AI-powered trading assistant GetAgent, and insights from Bitget Wallet’s team on their recent rebrand, 'Crypto for Everyone'.

Bitget and Bitget Wallet introduced exclusive branded merchandise line created specifically for Coinfest attendees, blending the companies’ signature branding with the spirit of the Bali event. Attendees also had the chance to catch sight of Bitget’s branded bike, highlighting the company’s global MotoGP partnership and reinforcing its presence at the intersection of sport, culture, and crypto.

The 'Chill & Bull' side event also featured a mini panel discussion titled Crypto Market Pulse: Regional Strategies & Global Outlook in a Shifting Landscape. Panelists shared their personal views on the shifting dynamics of the market, addressing questions from the audience and sparking open conversations about future opportunities in crypto and Web3.

Bitget’s vibrant engagement at Coinfest Asia reflects its continued investment in community engagement, education, and cultural connection, ensuring that its ecosystem extends far beyond trading into real-world experiences that resonate with both institutional and retail audiences alike.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3508fa8-df83-4ff7-8e71-e0980638b47f

https://www.globenewswire.com/NewsRoom/AttachmentNg/c58068c1-0757-4fca-8661-84bdbbed1bf1

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https://www.globenewswire.com/NewsRoom/AttachmentNg/27825ce1-5b82-4939-ae5a-23df81017e8d

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https://www.globenewswire.com/NewsRoom/AttachmentNg/39528144-28a7-411e-83b1-690d33bfdcec

SOURCE: Bitget Limited

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

--BERNAMA

L&T Technology Services Launches PLxAI, Proprietary GenAI Framework to Accelerate Product Development

 

By accelerating the rate of innovation and optimizing costs across product development, PLxAI is poised to redefine how businesses approach product development.

PLxAI accelerates product development across the life cycle stages; versatile architecture makes it adaptable for Embedded and Software PDLC

BANGALORE, India, Aug 22 (Bernama-BUSINESS WIRE) -- L&T Technology Services (BSE: 540115, NSE: LTTS), announced the launch of PLxAI, the Company’s proprietary GenAI-based framework to accelerate the Product Development Life Cycle for its global clients across Mobility, Sustainability, and Tech. Developed by vastly experienced PDLC SMEs, the framework uses a combination of Generative AI & Conventional AI to provide a one-stop shop to develop scalable and reusable solutions across all PDLC stages, ranging from concept design to aftermarket services support.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250820777125/en/ 

It incorporates advanced features like capturing and leveraging existing knowledge, including organizational and tribal knowledge, to deliver context-aware insights that enhance and optimize product engineering.

PLxAI integrates smart prompting and contextual intelligence, enhancing product engineering from concept and design to validation and aftermarket support. To date, the LTTS team has already deployed over 36 use cases across various life cycle stages (in various stages of deployment), and an additional 35 use cases are in design phase across:

· Concept Design: Innovation assistant for competitive benchmarking and technology scouting,
· Component Design: Design assistant for generating specifications, diagrams, and calculations,
· Validation Planning: Automated creation of Design Validation Plans and DFMEA templates,
· Failure Mode Analysis: Customizable FMEA generation using organizational templates,
· Digital Twin Integration: Supports physical and virtual testing workflows, and
· Agentic Workflows: Proactive agents that automate multi-step engineering tasks.
 
Speaking on the occasion, Alind Saxena, President & Executive Director - Mobility & Tech at L&T Technology Services Limited observed, “This is a proud milestone for Team LTTS. The development of PLxAI by our in-house AI experts is a testimony to LTTS’ engineering and technology capabilities. It reaffirms our deep commitment toward driving global client success across Mobility, Sustainability and Tech leveraging the power of AI and Gen-AI based offerings. The enthusiasm from our global clients has been remarkable, with deployments already underway across multiple domains.”

By accelerating the rate of innovation and optimizing costs across product development, PLxAI promises to be a transformative offering, poised to redefine how businesses approach product development, unlocking new pathways for growth and efficiency.

About L&T Technology Services Ltd

L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), we offer design, development, testing, and sustenance services across products and processes.

Purposeful. Agile. Innovation. is how we drive growth across the Mobility, Sustainability and Tech segments. Our customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. Headquartered in India, we have over 23,600 employees across 23 global design centers, 30 global sales offices, and 105 innovation labs, as of June 30, 2025.

For more information, please visit https://www.LTTS.com/
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250820777125/en/ 

Contact

Media Contact:
Aniruddha Basu
L&T Technology Services Limited
E: Aniruddha.Basu@LTTS.com 

Source : L&T Technology Services 

--BERNAMA

Best’s Market Segment Report: A Two-Way Street for Reinsurance Diversification in Asia

KUALA LUMPUR, Aug 21 (Bernama) -- Asia’s reinsurers are actively expanding to mature overseas markets as part of a move to diversify and be more agile with underwriting cycle management, according to a new AM Best report.

AM Best senior director, Christie Lee in a statement said Asia-Pacific (APAC) reinsurers are following a similar strategy, significantly expanding abroad.

Lee added that major North Asian reinsurers, particularly those from China, Japan, and South Korea, are increasingly expanding overseas to sustain growth and diversify risk amid slowing domestic momentum and demographic pressures.

AM Best views the move to diversify as credit positive. The report also notes that the majority of reinsurers within AM Best’s Asia Reinsurance Composite posted higher levels of net income in 2024, with China’s reinsurers experiencing the most notable gains.

Over the past decade, the major European reinsurers have identified the APAC region as a key source for diversification and growth.

The report also highlighted that the composite’s weighted average return on equity ratio improved to 11.3 per cent for 2024, supported by stronger underwriting results and higher investment income, thus extending the improving trend from 2023.

In addition, reinsurers based in Singapore and throughout South/Southeast Asia reported strong earnings for 2024 that were broadly flat year-on-year but still near historic highs.

The report, “Asia in Focus: A Two-Way Street for Reinsurance Diversification”, is part of AM Best’s overall look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.

Other reinsurance-related reports, including AM Best’s ranking of top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd’s, life/annuity, health and regional reinsurance markets, will be available during August and September.

-- BERNAMA

CHINESE MEDICAL TEAM CLAIMS INSULIN-FREE BREAKTHROUGH IN TYPE 1 DIABETES TREATMENT

KUALA LUMPUR, Aug 21 (Bernama) -- Shenzhen Hengsheng Hospital in China has announced a major breakthrough in the treatment of Type 1 diabetes mellitus (T1DM), revealing that 24 patients have successfully discontinued insulin therapy using a holistic integrative medicine (HIM) approach.

Led by Professor An Chiying and her medical team, this approach combined traditional Chinese and Western medicine, thereby achieving a functional cure, recording the longest duration of insulin discontinuation, reaching 14 months.

The hospital in a statement said this breakthrough offers new hope for global T1DM treatment and marks a remarkable advance in integrated Chinese and Western medicine for autoimmune diseases.

Professor An said functional cure enables partial restoration of islet function sufficient to meet daily metabolic needs.

She noted that early-diagnosed patients with residual islet function with C-peptide over 0.5 nanogrammes per millilitre (ng/ml) are the most likely to benefit.

Meanwhile, Academician Fan Daiming of the Chinese Academy of Engineering called the findings a bold challenge to the long-standing belief that T1DM patients must rely on insulin for life. He praised the HIM model as a promising new paradigm in autoimmune disease care.

Over a two-year clinical observation period, the team has applied the HIM model, blending traditional Chinese medicine (TCM), orthomolecular medicine, functional medicine, and lifestyle medicine, as well as precision digital health monitoring, to 70 T1DM patients. Of those, 24 patients (34 per cent) achieved a functional cure, maintaining stable blood glucose levels without reliance on exogenous insulin.

The protocol uses precision diagnostics, artificial intelligence-driven monitoring, immune regulation, and metabolic repair strategies. Patients typically undergo a short three- to five-day hospital stay before continuing outpatient follow-up and dietary management.

Globally, there are approximately nine million affected by T1DM and rising healthcare costs. The widespread adoption of HIM health management programmes could significantly reduce the financial and health burdens on patients.

-- BERNAMA

Bitget Boosts Trust with Chainlink Proof of Reserve

VICTORIA, Seychelles, Aug 21 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has announced the adoption of Chainlink Proof of Reserve on Ethereum to provide real-time transparency for its wrapped Bitcoin asset, BGBTC.
This collaboration also supports the growing use of BGBTC within BitVault Finance’s DeFi yield strategies and lending products, enabling both retail and institutional participants to engage with the asset knowing its backing is continuously monitored and verifiable. As blockchain technology reshapes how trust is established in financial markets, Bitget and Chainlink are working together to ensure that proof is not just promised, but provable.

"Transparency is essential in the digital asset industry," said Gracy Chen, CEO of Bitget. "By adopting Chainlink’s industry-leading Proof of Reserve, we’re giving our users and institutional partners the assurance they deserve, knowing that BGBTC is always verifiably backed. This is another step in our mission to deliver secure, transparent, and innovative products for the Web3 space."

Chainlink Proof of Reserve leverages decentralized oracle networks to autonomously verify the reserve balances backing tokenized assets. By publishing onchain data that reflects real-world asset reserves, Chainlink ensures that BGBTC’s backing can be independently audited at any time without relying on manual disclosures.

"Chainlink Proof of Reserve, the industry standard, offers real-time monitoring, enabling users to independently verify asset collateralization, and bringing increased transparency and trust to onchain products. We are excited about Bitget's integration of Chainlink Proof of Reserve to back its BGBTC, establishing a robust framework that fuels the ongoing expansion of DeFi," said Johann Eid, Chief Business Officer, Chainlink Labs.

The adoption of Chainlink Proof of Reserve reinforces Bitget’s commitment to setting a higher standard for transparency and trust in the digital asset industry. Complementing its existing Proof of Reserve and industry-leading Protection Fund, this integration ensures users can trade with greater confidence, knowing their assets are backed and verifiable in real time.

Together, these measures cement Bitget’s position as a security-first exchange, dedicated to safeguarding user interests in an evolving market landscape.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices.
Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com

About Chainlink

Chainlink is the backbone of the blockchain industry, the global standard for connecting blockchains to real-world data, other blockchains, governments, and enterprise systems. Chainlink has enabled tens of trillions in transaction value across the blockchain economy, powering critical use cases across DeFi, banking, tokenized real-world assets (RWAs), cross-chain, and more. Chainlink is widely adopted by major financial market infrastructures, institutions, and top DeFi protocols, including Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, Aave, GMX, Lido, and many more. Learn more by visiting chain.link.

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4e5a9d4-f8f8-4f1e-bfaf-903019485c67

SOURCE: Bitget Limited

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

--BERNAMA

Andong Jongga Fermented Teas To Enter Global Markets Via Mongolia Trade Delegation

KUALA LUMPUR, Aug 19 (Bernama) -- The Andong Jongga Culture Center has announced that it will export its fermented teas—ginger and apple—to overseas supermarkets through the Mongolian-Gyeongbuk Comprehensive Trade Delegation.

According to a statement, these teas, either patented or patent-pending, are recognised for their exceptional flavour and proven health benefits.

“We plan to continue researching a variety of fermented teas that can serve as nourishing everyday beverages, even as a healthy alternative to water,” said a representative from Andong Jongga Culture Center, Soonja Lee. 

The fermented ginger tea is particularly noted for its ability to boost immunity and alleviate conditions such as rhinitis and gastritis. 

Thanks to its high absorption rate, many users report noticeable effects with just a few servings. Its portability and absence of side effects have further strengthened consumer trust.

Founded in October 2017, the Andong Jongga Cultural Center has been dedicated to developing and producing premium goods rooted in time-honoured traditions passed down through families.

-- BERNAMA 

DIC CORPORATION OPENS WORLD-FIRST HACCP-COMPLIANT COATINGS PLANT IN INDONESIA

KUALA LUMPUR, Aug 19 (Bernama) -- DIC Corporation, a chemical manufacturer and the core of the DIC Group, has established a new production facility for coatings suitable for direct food contact materials on the site of a plant belonging to PT DIC Graphics, a wholly owned subsidiary located in Jakarta, Indonesia.

This new facility is the first in the world operated by an inks manufacturer to be designed in compliance with the guiding principles of Hazard Analysis Critical Control Point (HACCP), according to DIC Corporation in a statement.

With an annual production target of 1,000 tonnes by fiscal year 2030 for markets in Asian countries, including the People’s Republic of China, and Oceania, the facility will help the DIC Group meet the rising demand for sustainable packaging.

To create a food safety management system that affirms the exceptional safety and quality required for direct food contact materials, the new production facility has been equipped with, among others, air showers, dusters with high-efficiency particulate air (HEPA) filters and antibacterial flooring.

The new facility has also earned a certification of compliance with Indonesia’s halal regulations and is compliant with the World Health Organization’s good manufacturing practices (GMP) for guaranteeing that products such as food and pharmaceuticals meet requirements for quality and safety for their intended use.

The geopolitically strategic location of Indonesia ideally positions the new facility to serve as an export base for Asia and Oceania, as a result of which DIC is considering further facility expansion going forward.

DIC produces high-performance coatings that can be applied to film, paper and other substrates to impart the necessary performance features, enabling the creation of highly recyclable mono-material packaging, making it possible to develop and manufacture packaging that can be readily recycled.

The new production facility, the DIC Group’s first in Asia, outside of Japan, that is dedicated to producing coatings suitable for direct food contact materials, marks a major step toward strengthening the group’s competitiveness in the global market for sustainable packaging.

-- BERNAMA

CHECKMARX REPORT: AI-GENERATED CODE SOARS, BUT SECURITY PRACTICES FALL BEHIND

KUALA LUMPUR, Aug 18 (Bernama) -- Checkmarx, a leader in agentic artificial intelligence (AI)-powered application security, has released the findings of its annual “Future of Application Security in the Era of AI” report, highlighting a growing disconnect between AI-driven development and security governance.

Findings revealed that AI-generated code is fast becoming mainstream, with half of respondents using AI security code assistants. About 34 per cent reported that over 60 per cent of their code is AI-generated, yet only 18 per cent have governance policies in place. The rapid shift to AI-assisted development is raising concerns about developer accountability and expanding the attack surface.

The survey also noted growing business pressure that is leading organisations to take risks. More than 80 per cent knowingly shipped vulnerable code, while 98 per cent experienced a breach linked to insecure code over the past year, compared with 91 per cent in 2024.

Checkmarx vice-president for Asia Pacific, the Middle East and Africa, Nitin Dang said fast-growing markets often prioritise speed in order to capture opportunities, sometimes at the expense of security.

“Our research shows that under-utilisation of essential application security practices, combined with the rush to deliver, often results in vulnerabilities making it to production,” he said in a statement.

In the coming 12 to 18 months, 32 per cent of respondents expect breaches through application programming interfaces (APIs), particularly via shadow APIs or business logic attacks. However, fewer than half deploy basic security tools such as dynamic application security testing (DAST) or infrastructure-as-code scanning.

Despite widespread industry discussion on DevSecOps, only half of organisations reported active use of core tools, with 51 per cent of North American companies adopting DevSecOps practices.

The report outlined six strategic priorities to close the security readiness gap — moving from awareness to action, embedding code-to-cloud security, governing AI use in development, operationalising security tools, preparing for agentic AI in application security, and promoting developer empowerment.

The report release comes after Checkmarx announced the general availability of its Developer Assist agent, which integrates with AI-native development environments such as Windsurf by Cognition, Cursor and GitHub Copilot. The tool provides real-time, context-aware issue detection and guidance for developers.

The study, involving more than 1,500 chief information security officers (CISOs), application security managers and developers across North America, Europe and Asia Pacific, examined how businesses are adapting as machine-generated code becomes more prevalent.

-- BERNAMA

Bitget’s July Report Shows $461M Net Inflows and 100K New Copy Trading Users

VICTORIA, Seychelles, Aug 18 (Bernama-GLOBE NEWSWIRE) -- Bitget, the world's leading cryptocurrency exchange and Web3 company, ended July with another month of strong growth and global brand expansion. The platform maintained its CoinGecko Spot ranking as the 3rd largest crypto exchange, aligned with its consistently growing market presence. In July, Bitget showed steady growth across multiple performance metrics. Bitget Copy trading followers increased from over 1 million to 1.1 million, while recording $461.3 million in net inflows.

Bitget Wallet also released a zero-fee crypto card in partnership with Mastercard and Immersve, providing seamless payment options for users in the UK and EU. This conversion of crypto to fiat on-chain in real-time is now available at over 150 million merchants worldwide. Futures trading activity surged, with Bitget ranking among the top three exchanges by Ethereum futures open interest, supported by steady institutional participation. AI-powered trading assistant GetAgent made its debut, attracting over 20,000 early adopters, while Bitget Onchain expanded tokenized stock offerings through a partnership with xStocks.

Culturally, Bitget continued blurring the lines between Web3 and mainstream entertainment. The exchange was named the exclusive Web3 partner of UNTOLD Festival in Romania and Dubai, reaching over 400,000 fans through immersive on-site activations. On the trading side, the King's Cup Global Invitational (KCGI) 2025 Team Battle kicked off with a 6 million USDT prize pool, drawing over 1,300 registered teams.

Bitget CEO Gracy Chen said, "The numbers tell one story, but the trust behind them tells another. Users aren't just trading with us, they're choosing to store their assets, join our competitions, and engage with Bitget across cultures and continents. That's the kind of growth that lasts, and it's why we're investing equally in product innovation, community building, and transparency."

With August already underway, Bitget is set to carry this momentum into a packed events calendar, including its debut at UNTOLD X and the peak of KCGI 2025, while continuing to expand globally through strategic partnerships, payment integrations, and user-focused innovations.

For the full July Transparency Report, visit here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19fa66aa-8306-44c0-ab38-692dbe28b501 


SOURCE: Bitget Limited

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

JEJU’S SUMANG COOPERATIVE TO EXPAND TEA LINE WITH AROMATIC HOJICHA DEBUT

KUALA LUMPUR, Aug 18 (Bernama) -- Clean Jeju Green Tea Agricultural Cooperative ‘Sumang’, renowned for its organic teas grown on Jeju Island, has announced plans to introduce Hojicha in August.

Hojicha is a roasted green tea made by pan-firing tea leaves at high temperatures, known for its rich, nutty aroma and low caffeine content, according to a statement.

Its Chief Executive Officer, Kyungmin Kang said the company is committed to offering high-quality products at affordable prices.

“While we currently focus on B2B transactions, our ultimate goal is to expand into direct-to-consumer channels with a comprehensive distribution network,” said Kang.

Leveraging Jeju’s ideal growing conditions, Sumang produces high-quality green teas under its “Sumang Tea Garden” brand, offering three matcha grades, namely Ceremonial, Premium, and Superior, giving consumers a variety of options tailored to their taste and intended use.

Recently, global interest in health and wellness has fuelled rising demand for matcha, particularly in the United States. Sumang has seen steady export growth and increased interest from international buyers.

Sumang is a vertically integrated producer that grows, processes, and sells organic green tea in Jeju Island. Since 2007, the cooperative has produced Jeju green tea of the highest quality, provided by the natural environment of Jeju Island, South Korea.

-- BERNAMA

FPT Unveils AI Platform To Accelerate Global Digital Transformation

KUALA LUMPUR, Aug 15 (Bernama) -- Global information technology (IT) firm, FPT has launched its new artificial intelligence (AI) platform FleziPT, positioning itself as a full-stack AI-first company ready to lead large-scale enterprise transformation worldwide.

Designed to deliver end-to-end and customised AI-powered transformation solutions, FleziPT empowers organisations to achieve exceptional speed, precision, and quality in their transformation journeys.

“We remain steadfast in our commitment to empowering clients worldwide with end-to-end AI enablement across industries, while upholding ethical and responsible AI practices,” said FPT Software Chief Executive Officer and FPT Corporation Executive Vice President, Pham Minh Tuan in a statement.

Backed by FPT’s AI-driven software development life cycle (SDLC), FleziPT delivers intelligent solutions across key domains and leverages an AI-augmented workforce, including 12,000 skilled software engineers proficient in AI and a million digital workers in the making globally.

The AI Platform allows enterprises to embed AI agents throughout every phase of software development, allowing tasks that previously took months in waterfall models or four to six weeks in agile sprints to be completed within days—reducing development time by up to 60 per cent, rework by over 50 per cent, and boosting productivity by 30 per cent.

FleziPT also features a suite of proprietary AI toolsets, including solutions such as AgentVista, CodeVista, and TestVista, offering tailored solutions for vertical industries such as manufacturing, healthcare, finance, automotive, and energy.

To support the next-level AI transformation for global businesses across industries, FleziPT is also underpinned by AI-specific workforce accelerators, including AI education across FPT employees and at FPT University, which currently graduates 2,000 AI and data engineering students annually. 

The company also fosters a co-creation relationship with its clients through AI labs and hackathons to address their specific challenges, in addition to strengthening its strategic partnerships with leading global AI players as it aims to train more AI experts and specialists.

Unveiled at FPT’s global client event recently, celebrating “20 Years of Innovation”, FleziPT marks a major milestone for both FPT and Vietnam’s growing role as a global innovation hub.

-- BERNAMA

CHULALONGKORN UNIVERSITY’S HERBARIUM BLENDS SCIENCE, CONSERVATION AND CRIME-SOLVING

KUALA LUMPUR, Aug 15 (Bernama) -- The Professor Kasin Suvatabhandhu Herbarium (BCU), operated by the Department of Botany at the Faculty of Science, Chulalongkorn University, has served as a vital hub for plant research and identification in Thailand.

Chulalongkorn University Science Service Officer, Parinyanoot Klinratana highlighted the herbarium’s diverse roles and recounted instances where plant materials found on suspects’ clothing were analysed to determine their origin and whether they came from restricted areas, aiding law enforcement.

Not only did the herbarium help the Customs Department identify and trace shallot species, but it also supports the academic and research community by maintaining a comprehensive plant specimen collection and offering plant analysis services.

According to a statement, the herbarium has amassed over 20,000 plant specimens and evolved into a national resource that aids not only academic institutions but also government agencies and private enterprises.

The specimens serve as a reference for the study of biodiversity, support the food and pharmaceutical industries, and help identify invasive species, and the herbarium also assists in forensic investigations, showcasing the multidisciplinary applications of botanical science.

These examples illustrate how plant identification has real-world applications surpassing the classroom, while also showing how plant materials can serve as silent witnesses in crime investigations, indicators of environmental risk, or hindrances to business transactions.

Bridging science and society via various sectors’ collaboration, the herbarium acts as a national plant database and supports Thailand’s commitment to environmental conservation and biodiversity as well as global regulatory standards with its scientific expertise and systematic processes, which reinforce the importance of accurate plant taxonomy.

By combining specimen preservation with expert analysis, the Professor Kasin Suvatabhandhu Herbarium ensures that Thailand’s rich plant biodiversity is not only studied and safeguarded but also applied across multiple sectors, including science, medicine and law.

-- BERNAMA

CT GROUP PROPELS VIETNAM INTO GLOBAL TECH ARENA WITH UAV EXPORT DEAL

KUALA LUMPUR, Aug 15 (Bernama) -- Vietnam officially entered the global tech big leagues as CT Group signed a landmark deal to export 5,000 unmanned cargo aircraft to a major South Korean drone firm, marking the nation’s first large-scale unmanned aerial vehicle (UAV) export.

The signing of the memorandum of understanding (MoU) took place at the Vietnam-Korea Economic Forum on Aug 12 in Seoul, witnessed by Vietnam’s General Secretary To Lam and South Korean Prime Minister Kim Min-seok.

Developed by CT UAV, a member of CT Group, the heavy-duty transport UAV models, ranging from 60 kilogrammes (kg) to 300 kg, boast a localisation rate of up to 85 per cent and exclusive Vietnamese technology, earning high recognition from several nations, including South Korea.

During the event, CT Group also managed to secure an order to export 100 million ATP semiconductor chips to a South Korean partner, strengthening its technical foundation to support Vietnam’s comprehensive digital transformation.

CT Group in a statement said mastering all core technologies in the cutting-edge UAV sector further affirms the strategic role of the company in shaping the nation’s technological future.

Being adopted in various sectors, UAVs have become one of the most critical technologies, with widespread applications spanning diverse industrial sectors to urban development and consumer markets, from specialised military and security fields to the defence of whole nations or vast regions.

With the rapid technological advancements in South Korea, securing an export order for unmanned cargo aircraft for the selective market stands as vivid proof of a rising Vietnam in the new era while also opening opportunities for CT Group to expand UAV exports to a wide range of countries worldwide.

The company’s self-sufficiency in designing semiconductor chips for UAVs provides CT UAV with a distinctive competitive advantage, in addition to demonstrating Vietnam’s readiness to compete in the global technology arena at a higher level.

-- BERNAMA

Figma, Motiff Settle Intellectual Property Disputes

KUALA LUMPUR, Aug 15 (Bernama) -- Figma and Motiff have reached an agreement to resolve their intellectual property (IP) disputes in the United States (US) and Singapore, effective July 23.

The dispute began in September 2024, when Figma sued Motiff for breach of contract and copyright infringement in the US and simultaneously filed a copyright and trademark infringement suit in Singapore.

According to a statement, Figma and Motiff have mutually agreed to settle both lawsuits; in addition, Motiff has also agreed to reimburse Figma’s legal expenses.

“Figma is singularly focused on building the best possible product for our users. We welcome fair competition and strongly believe that no one should be allowed to copy our or others’ IP to gain an advantage.

“We are pleased to have reached a global settlement that aligns with Figma’s values and allows us to keep building for our customers and community without distraction,” said a Figma spokesperson.

Meanwhile, a Motiff spokesperson commented that the company is equally pleased to have reached a compromise global settlement with Figma that will allow them to focus its efforts on Motiff’s AI 2.0 product as it is committed to bringing AI value to its users.

Under the settlement agreement, Motiff will cease selling its current Motiff Editor Tool and refrain from launching any future products derived from it globally, with the exception of mainland China, where sales may continue for one year during a redesign phase.

-- BERNAMA

INSERTING and REPLACING SBC Medical Group Holdings Announces Second Quarter 2025 Financial Results

IRVINE, Calif., Aug 15 (Bernama-BUSINESS WIRE) --

Insert after the second paragraph, 9th bullet: First Half 2025 Highlights.

The updated release reads: 

SBC MEDICAL GROUP HOLDINGS ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS

SBC Medical Group Holdings Incorporated (NASDAQ: SBC, “SBC Medical” or the “Company”), a global owner, operator and provider of management services and products to cosmetic treatment centers, today announced its financial results for the second quarter of fiscal year 2025 (three months ended June 30, 2025) and for the first half of fiscal year 2025 (six months ended June 30, 2025).

Second Quarter 2025 Highlights

• Total revenues were $43 million, representing an 18% year-over-year decrease.
• Income from operations was $15 million, representing a 47% year-over-year decrease.
• Net Income attributable to SBC Medical Group was $2.5 million, representing an 87% year-over-year decrease.
• Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.02 for the three months ended June 30, 2025, compared to $0.20 in the same period of 2024.
• EBITDA¹, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $15 million, representing a 46% year-over-year decrease. EBITDA margin¹ was 35% for the second quarter of 2025, compared to 53% for second quarter of 2024.
• Return on equity, which is defined as net income attributable to the Company divided by the average of shareholder’s equity as of June 30, 2025, was 4% representing a year-over-year decrease of 44 percentage points.
• Number of Franchise Locations² was 259 as of June 30, 2025, representing an increase of 36 locations from June 30, 2024.
• Number of customers³ in the last twelve months ended June 30, 2025, was 6.31 million, representing a 14% year-over-year increase.
• Repeat rate for customers⁴ who visited franchisee’s clinics twice or more was 72%.

First Half 2025 Highlights

• Total revenues were $91 million, representing a 16% year-over-year decrease.
• Income from operations was $39 million, representing a 25% year-over-year decrease.
• Net Income attributable to SBC Medical Group was $24 million, representing a 36% year-over-year decrease.
• Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.23 for the six months ended June 30, 2025, compared to $0.40 in the same period of 2024.
• EBITDA¹, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $40 million, representing a 25% year-over-year decrease. EBITDA margin¹ was 44% for the first half of 2025, compared to 50% for first half of 2024.

Yoshiyuki Aikawa, Chairman and Chief Executive Officer of SBC Medical, said, “ As anticipated and signaled in our prior guidance, Q2 2025 reflected strategic shifts aimed to position SBC Medical for long-term competitiveness and scalability. Total revenue declined 18% year-over-year to $43 million, primarily due to the completed discontinuation of our staffing business, targeted divestitures to streamline our operations, and revision of fee structure. We are executing our strategic plan with precision, as evidenced by our network of 259 Franchise Locations as of June 30, 2025 and 6.31 million visits over the last twelve months, demonstrating a scale that is unmatched in Japan. Our high repeat rate underscores the strength of our Shonan Beauty Clinic brand. Japan’s consumer discretionary market faces challenges, including restrained growth due to trade restrictions and cautious consumer spending. Despite these headwinds, we are successfully advancing key initiatives, including the acquisition of MB career lounge to enhance our management support services and the joining of JUN CLINIC to our network, which boasts a high average spend per customer. Looking ahead, we remain confident in our strategic roadmap, focused on optimizing our franchise model, capturing growth opportunities, transitioning to higher-margin models, and delivering lasting value to our shareholders.”

Second Quarter 2025 Financial Results

Total revenues were $43 million, a decrease of 18% year-over-year, primarily due to a revised fee structure for franchising services implemented starting from April 2025, the discontinuation staffing services business, and divestiture of SNA and Kijimadaira, partially offset by growth in procurement, rental services, and other revenue streams.

Net income attributable to SBC Medical Group for the three months ended June 30, 2025 was $2.5 million, compared to $18.5 million in the same period of 2024. The decrease was largely attributed to unfavorable changes in other income and expenses, primarily due to higher foreign exchange losses.

EBITDA¹ was $15 million, a decrease of 46% year-over-year, primarily due to lower revenue following the termination of the staffing services business, the deconsolidation of SNA and Kijimadaira, and revision of fee structure.

Conference Call

The Company will hold a conference call on Wednesday, August 13, 2025 at 8:30 am Eastern Time (or Wednesday, August 13, 2025 at 9:30 pm Japan Time) to discuss the financial results and take questions live.

Please register in advance of the conference using the link provided below.
https://edge.media-server.com/mmc/p/ukc9sp9j/lan/en/

It will automatically direct you to the registration page of “SBC Q2 2025 Financial Results Presentation.”. Please follow the steps to enter your registration details, then click “Submit.”. Upon registration, you will be able to access the dedicated Conference Call viewing site. In addition to viewing the conference call, this site provides access to information about the speakers as well as past investor relations materials.

Starting 10 minutes before the conference call begins, you will be able to view the earnings presentation materials on the site. The materials will also be available for download.

A replay of the conference call will be accessible until August 13, 2026.

Additionally, the earnings release, accompanying slides, and an archived webcast of this conference call will be available at the Company’s Investor Relations website at https://ir.sbc-holdings.com/

About SBC Medical

SBC Medical, headquartered in Irvine, California and Tokyo, Japan, owns and provides management services and products to cosmetic treatment centers. The Company is primarily focused on providing comprehensive management services to franchise clinics, including but not limited to advertising and marketing needs across various platforms (such as social media networks), staff management (such as recruitment and training), booking reservations for franchise clinic customers, assistance with franchise employee housing rentals and facility rentals, construction and design of franchise clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to franchise clinics for resale to clinic customers, licensure of the use of patent-pending and non-patented medical technologies, trademark and brand use, IT software solutions (including but not limited to remote medical consultations), management of the franchise clinic’s customer rewards program (customer loyalty point program), and payment tools for the franchise clinics.

For more information, visit https://sbc-holdings.com/

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as EBITDA and EBITDA margin, 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. 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. 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.”

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s financial performance; growth in revenue and earnings; business prospects and opportunities; and capital deployment plans and liquidity. In some cases, forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on management’s current expectations and are not guarantees of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading “Risk Factors” and elsewhere in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.
 

1 EBITDA and EBITDA Margin 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.”

2 The figures take into accounts of the franchising of SBC brand clinics, Rize Clinic, Gorilla Clinic, AHH, JUN CLINIC

3 The number of customers takes into account customers of SBC brand clinics, Rize Clinic and Gorilla Clinic, AHH Clinic but does not take account of customers of JUN CLINIC, but excluding free counseling. The applicable periods are from July 1, 2024, to June 30, 2025

4 The figures include franchising of SBC brand clinics, Rize Clinic, and Gorilla Clinic, but does not take account of customers of AHH clinics and JUN CLINIC excluding free counseling. The percentage of customers who visited our franchisee’s clinics twice or more.

SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS

		June 30, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	152,740,882			$	125,044,092
Accounts receivable			2,350,368				1,413,433
Accounts receivable – related parties			48,920,843				28,846,680
Inventories			1,705,237				1,494,891
Finance lease receivables, current – related parties			9,128,931				5,992,585
Customer loans receivable, current			10,552,623				10,382,537
Prepaid expenses and other current assets			14,051,746				11,276,802
Other receivables – related parties			1,891,408				—
Total current assets			241,342,038				184,451,020
Non-current assets:
Property and equipment, net			8,058,016				8,771,902
Intangible assets, net			1,584,543				1,590,052
Long-term investments, net			3,593,087				3,049,972
Goodwill, net			5,011,511				4,613,784
Cryptocurrencies			535,882				—
Finance lease receivables, non-current – related parties			13,197,979				8,397,582
Operating lease right-of-use assets			4,583,393				5,267,056
Finance lease right-of-use assets			516,932				—
Deferred tax assets			2,343,302				9,798,071
Customer loans receivable, non-current			5,934,636				5,023,551
Long-term prepayments			1,755,292				1,745,801
Long-term investments in MCs – related parties			19,381,422				17,820,910
Other assets			7,461,224				15,553,453
Total non-current assets			73,957,219				81,632,134
Total assets		$	315,299,257			$	266,083,154
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	16,290,206			$	13,875,179
Accounts payable – related parties			3,245,989				659,044
Current portion of long-term loans			69,420				96,824
Notes and other payables, current – related parties			3,272,048				26,255
Advances from customers			512,123				820,898
Advances from customers – related parties			10,333,007				11,739,533
Income tax payable			14,133,163				18,705,851
Operating lease liabilities, current			3,623,871				4,341,522
Finance lease liabilities, current			161,340				—
Accrued liabilities and other current liabilities			6,229,797				8,103,194
Due to related party			2,810,647				2,823,590
Total current liabilities			60,681,611				61,191,890

SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS — (Continued)

		June 30, 2025				December 31, 2024
Non-current liabilities:
Long-term loans			7,031,506				6,502,682
Notes and other payables, non-current – related parties			—				5,334
Deferred tax liabilities			353,517				926,023
Operating lease liabilities, non-current			1,208,516				1,241,526
Finance lease liabilities, non-current			164,721				—
Other liabilities			1,206,815				1,193,541
Total non-current liabilities			9,965,075				9,869,106
Total liabilities			70,646,686				71,060,996
Stockholders’ equity:
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024)			—				—
Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,881,251 and 103,020,816 shares issued, 103,098,442 and 102,750,816 shares outstanding as of June 30, 2025 and December 31, 2024, respectively)			10,388				10,302
Additional paid-in capital			72,196,114				62,513,923
Treasury stock (at cost, 782,809 and 270,000 shares as of June 30, 2025 and December 31, 2024, respectively)			(5,115,262	)			(2,700,000	)
Retained earnings			213,423,693				189,463,007
Accumulated other comprehensive loss			(35,922,942	)			(54,178,075	)
Total SBC Medical Group Holdings Incorporated stockholders’ equity			244,591,991				195,109,157
Non-controlling interests			60,580				(86,999	)
Total stockholders’ equity			244,652,571				195,022,158
Total liabilities and stockholders’ equity		$	315,299,257			$	266,083,154

The accompanying notes are an integral part of these unaudited consolidated financial statements.



SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Revenues, net – related parties		$	38,944,898			$	51,039,038			$	84,202,043			$	101,509,245
Revenues, net			4,413,949				2,063,042				6,485,505				6,400,877
Total revenues, net			43,358,847				53,102,080				90,687,548				107,910,122
Cost of revenues (including cost of revenues from related parties of $4,669,602 and $3,616,103 for the three months ended June 30, 2025 and 2024, and $8,126,530 and $5,413,462 for the six months ended June 30, 2025 and 2024, respectively)			13,348,270				13,682,405				22,943,887				28,971,072
Gross profit			30,010,577				39,419,675				67,743,661				78,939,050
Operating expenses:
Selling, general and administrative expenses (including selling, general and administrative expenses from related parties of $415,767 and nil for the three months ended June 30, 2025 and 2024, and $415,767 and nil for the six months ended June 30, 2025 and 2024, respectively)			15,456,385				12,129,115				28,987,395				27,187,605
Total operating expenses			15,456,385				12,129,115				28,987,395				27,187,605
Income from operations			14,554,192				27,290,560				38,756,266				51,751,445
Other income (expenses):
Interest income			22,882				11,644				78,215				29,333
Interest expense			(49,651	)			(7,424	)			(55,858	)			(10,432	)
Other income			33,771				306,291				185,099				655,972
Other expenses			(1,132,465	)			(514,636	)			(2,829,724	)			(1,951,292	)
Gain on redemption of life insurance policies			—				—				8,746,138				—
Change in fair value of cryptocurrencies			111,632				—				111,632				—
Gain on disposal of subsidiary			—				—				—				3,813,609
Total other income (expenses)			(1,013,831	)			(204,125	)			6,235,502				2,537,190
Income before income taxes			13,540,361				27,086,435				44,991,768				54,288,635
Income tax expense			11,100,509				8,529,110				21,059,966				16,981,094
Net income			2,439,852				18,557,325				23,931,802				37,307,541
Less: net income (loss) attributable to non-controlling interests			(18,388	)			72,917				(28,884	)			65,381
Net income attributable to SBC Medical Group Holdings Incorporated		$	2,458,240			$	18,484,408			$	23,960,686			$	37,242,160
Other comprehensive income (loss):
Foreign currency translation adjustment		$	8,623,269			$	(9,046,549	)		$	18,431,596			$	(19,240,401	)
Total comprehensive income			11,063,121				9,510,776				42,363,398				18,067,140
Less: comprehensive income (loss) attributable to non-controlling interests			184,411				22,000				147,579				(70,000	)
Comprehensive income attributable to SBC Medical Group Holdings Incorporated		$	10,878,710			$	9,488,776			$	42,215,819			$	18,137,140
Net income per share attributable to SBC Medical Group Holdings Incorporated*
Basic and diluted		$	0.02			$	0.20			$	0.23			$	0.40
Weighted average shares outstanding*
Basic and diluted			103,507,249				94,192,433				103,392,580				94,192,433

*	Retrospectively restated for effect of reverse recapitalization on September 17, 2024.

The accompanying notes are an integral part of these unaudited consolidated financial statements.



SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

		For the Six Months Ended June 30,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	23,931,802			$	37,307,541
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense			1,264,405				1,849,422
Non-cash lease expense			2,185,744				1,923,890
Provision for credit losses			283,752				62,804
Fair value change of long-term investments			384,523				1,045,557
Gain on disposal of subsidiary			—				(3,813,609	)
Gain on redemption of life insurance policies			(8,746,138	)			—
Gain on disposal of property and equipment			(10,804	)			(902	)
Change in fair value of cryptocurrencies			(111,632	)			—
Deferred income taxes			7,452,983				(3,322,728	)
Changes in operating assets and liabilities:
Accounts receivable			(789,577	)			(1,423,412	)
Accounts receivable – related parties			(17,039,113	)			5,843,499
Inventories			(717,972	)			561,921
Finance lease receivables – related parties			(6,482,967	)			(1,759,556	)
Customer loans receivable			8,081,703				7,521,267
Prepaid expenses and other current assets			(1,349,225	)			(1,488,347	)
Long-term prepayments			211,988				(41,412	)
Other assets			85,907				(1,007,431	)
Accounts payable			1,165,217				(8,960,556	)
Accounts payable – related parties			2,455,865				—
Notes and other payables – related parties			(5,031,570	)			(5,101,368	)
Advances from customers			(369,616	)			(755,977	)
Advances from customers – related parties			(2,363,891	)			(4,663,233	)
Income tax payable			(6,030,526	)			5,462,133
Operating lease liabilities			(2,275,398	)			(1,998,196	)
Accrued liabilities and other current liabilities			(2,508,035	)			(4,444,172	)
Other liabilities			(88,593	)			77,625
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			(6,411,168	)			22,874,760
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment			(560,431	)			(1,565,333	)
Purchase of convertible note			—				(1,700,000	)
Prepayments for property and equipment			(705,351	)			—
Advances to related parties			—				(617,804	)
Payments made on behalf of related parties			(1,836,541	)			(5,245,990	)
Purchase of long-term investments			(652,555	)			—
Purchase of cryptocurrencies			(424,250	)			—
Long-term loans to others			(13,134	)			(62,489	)
Repayments from related parties			70,000				555,000
Repayments from others			56,307				44,748
Proceeds from redemption of life insurance policies			17,735,717				—
Disposal of subsidiary, net of cash disposed of			—				(815,819	)
Proceeds from disposal of property and equipment			1,728,236				1,971
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			15,397,998				(9,405,716	)

SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)

		For the Six Months Ended June 30,
		2025				2024
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from related parties			15,000				—
Repayments of long-term loans			(74,256	)			(59,217	)
Repayments of finance lease liabilities			(278,097	)			—
Repayments to related parties			(27,943	)			(50,124	)
Repurchase of common stock			(2,415,262	)			—
Deemed contribution in connection with price modification on disposal of property and equipment			9,682,277				—
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			6,901,719				(109,341	)
Effect of exchange rate changes			11,808,241				(12,679,865	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			27,696,790				679,838
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD			125,044,092				103,022,932
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD		$	152,740,882			$	103,702,770
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense		$	55,858			$	10,432
Cash paid for income taxes, net		$	19,637,454			$	16,191,178
NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment transferred from long-term prepayments		$	246,188			$	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		$	104,437			$	—
Finance lease right-of-use assets obtained in exchange for finance lease liabilities		$	612,466			$	—
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications		$	1,160,680			$	1,376,034
Payables to related parties in connection with loan services provided		$	8,175,342			$	16,085,387
Issuance of common stock as incentive shares		$	86			$	—

The accompanying notes are an integral part of these unaudited consolidated financial statements.



RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
SBC MEDICAL GROUP HOLDINGS INCORPORATED
Unaudited Reconciliations of GAAP and Non-GAAP Results

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Total revenues, net		$	43,358,847			$	53,102,080			$	90,687,548				107,910,122
Income from operations			14,554,192				27,290,560				38,756,266				51,751,445
Depreciation and amortization expense			636,101				830,945				1,264,405				1,849,422
EBITDA			15,190,293				28,121,505				40,020,671				53,600,867
EBITDA margin			35	%			53	%			44	%			50	%

The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Contact

In Asia:
SBC Medical Group Holdings Incorporated
Hikaru Fukui / Head of Investor Relations
E-mail: ir@sbc-holdings.com

In the US:
ICR LLC
Bill Zima / Managing Partner
Email: bill.zima@icrinc.com

Source : SBC Medical Group Holdings Incorporated