SBC Medical Group Holdings Inc. Reports Third Quarter 2024 Financial Results

13.11.2024 22:59:00 CET | Business Wire | Press release

SBC Medical Group Holdings Incorporated (“SBC Medical”, or the “Company”), a global owner, operator and provider of management services and products to cosmetic treatment centers, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Total revenues for the three months ended September 30, 2024 were $53 million, representing an increase of 12% from $47 million in the same quarter of 2023.
Total revenues for the nine months ended September 30, 2024 was $160 million, representing an increase of 23% from $131 million in the same period of 2023.
Income from operations for the three months ended September 30, 2024 was $13 million, representing a decrease by 31% from the same quarter in 2023.
- This result was impacted by $12.8 million of stock-based compensation expense related to the Company’s listing process.
Income from operations for the nine months ended September 30, 2024 was $65.5 million, representing an increase of 40.5% from the same period in 2023.
- This result is impacted by $12.8 million of stock based compensation expense related to the Company’s listing process.
EBITDA¹, which is calculated by adding depreciation and amortization expense to income from operations, for the nine months ended September 30, 2024 was $68 million, representing an increase of 21% from the same period in 2023. EBITDA margin was 42% for the nine months ended September 30, 2024
Net income attributable to SBC Medical Group Holdings Incorporated for the three months ended September 30, 2024 was $2 million, compared to $8 million in the same quarter of 2023.
Net income attributable to SBC Medical Group Holdings Incorporated for the nine months ended September 30, 2024 was $40 million, an increase of 60% from $25 million in the same period of 2023.
Number of partner clinics was 224 as of September 30, 2024, representing an increase by 24 from September 30, 2023.

¹EBITDA and EBITDA Margin are non-GAAP financial measures. For more information on non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Number of customers in the last twelve months was 4.3 million, representing an year-over-year increase of 13.5%.
Return on equity (annualized), which is defined as annualized net income attributable to the Company divided by the average of shareholder’s equity as of December 31, 2023 and September 30, 2024, was 31% for the nine months ended September 30, 2024, representing a year-over-year increase of one percentage points.
Earnings per share (basic), which is defined as net income attributable to the Company divided by weighted average number of outstanding shares, was $0.42 for the nine months ended September 30, 2024, representing a year-over-year increase of 56%.

“Our first earnings release as a publicly listed company marks a significant milestone for SBC Medical. After completing a successful business combination with Pono Capital Two, SBC Medical began trading on Nasdaq under the ticker symbol ‘SBC’ on September 18, 2024.” said Yoshiyuki Aikawa, Chairman and Chief Executive Officer of SBC Medical. “This quarter’s strong results, with total revenue reaching USD161 million—an impressive 23% increase year-over-year—and a net income rise of 59%, highlight the positive impact of our strategic initiatives such as restructuring royalty fees and expanding our clinic network. Additionally, with a robust balance sheet supported by USD137 million in cash, we are committed to sustainable growth supported by a clear capital policy. We deeply value our shareholders and our focus on shareholder value will continue through consistent returns with robust business growth, strategic reinvestments, and a strong capital foundation, ensuring that all shareholders, including our minority investors, benefit from our growth and success.”

Third Quarter 2024 Financial Results

Total revenues for the nine months ended September 30, 2024 were $160 million, representing an increase of 23% from $131 million in the same period of 2023. Total revenues for the three months ended September 30, 2024 were $53 million, representing an increase of 12% from $47 million in the same quarter of 2023. These increases were mainly because the Company started charging patent and trademark fees to our franchisee clinics, and due to the expansion of numbers of our franchisee clinics Total operating expenses for the nine months ended September 30, 2024 were $56 million, representing an increase of 20% from $47 million in the same period of 2023. Total operating expenses for the three months ended September 30, 2024 were $29 million, representing an increase of 118% from $13 million in the same quarter of 2023. The increases in the total operating expenses were primarily due to listing-related consulting and professional fees, stock-based compensation, and higher office expenses.

EBITDA for the nine months ended September 30, 2024 was $68.4 million, representing an increase of 22% from $56.3 million in the same period of 2023, mainly due to revenue growth but partially offset by listing-related consulting and professional fees, stock-based compensations. EBITDA for the three months ended September 30, 2024 was $14.8 million, representing a decrease of 36% from $23.3 million in the same quarter of 2023, primarily due to listing-related consulting and professional fees, stock-based compensation, and higher office expenses.

Net income for the nine months ended September 30, 2024 was $40.1 million, compared to $24.3 million in the same period of 2023. The increase was attributed mainly to total revenue growth but partially offset by increase of total operating expenses. Net income for the three months ended September 30, 2024 was $2.8 million, compared to $8.1 million for the same quarter in 2023. The decrease was attributable mainly to higher operating expenses.

Cash Flow and Liquidity Highlights

As of September 30, 2024, SBC Medical maintained a strong liquidity position, with cash and cash equivalents totaling $137.4 million, up from $103.0 million as of December 31, 2023. This increase reflects robust cash generation from operating activities, prudent investment management, and disciplined capital allocation strategies.

Operating Cash Flow

Net cash provided by operating activities was $27 million for the nine months ended September 30, 2024, an increase of 23% from $22 million for the same period in 2023. This growth was driven primarily by a $15 million rise in net income, bolstered by stock-based compensation expenses of $12.8 million related to the Company’s recent public listing, and an improvement in collection of accounts receivable. These positive factors were partially offset by changes in accounts payable and tax liabilities, which reflect the Company’s focus on efficiently managing working capital in a growing operational environment.

Investing Cash Flow

Net cash used in investing activities totaled $5 million during the nine months ended September 30, 2024, a decline from $8 million for the same period in 2023. Key contributor to this decrease included payments made on behalf of a related party of $5.2 million. The Company continues to strategically deploy capital towards high-impact assets that align with its long-term growth objectives.

Financing Cash Flow

Net cash provided by financing activities totaled $11 million during the nine months ended September 30, 2024, an increase from $6 million for the same period in 2023. Key contributor to this increase included proceeds from reverse recapitalization, net of transaction costs $11.7 million. The change reflects the Company’s emphasis on self-sustained growth through operating cash flows rather than external financing, with no significant new debt undertaken during the period.

Foreign Currency Impact

SBC Medical’s cash flows were impacted by a $0.5 million currency translation adjustment due to the depreciation of the Japanese yen against the U.S. dollar. The Company continues to monitor foreign currency exposure and employ strategies to mitigate risks associated with currency fluctuations.

With a robust cash reserve and sound operational cash flows, SBC Medical is confident in its ability to meet near-term liquidity requirements and to fund future growth initiatives. Management believes that the current cash position, alongside planned operational cash flow, will be sufficient to support the company’s business operations and strategic investments for the next 12 months.

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 franchisee 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 franchisee clinic customers, assistance with franchisee employee housing rentals and facility rentals, construction and design of franchisee clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to franchisee 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 franchisee clinic’s customer rewards program (customer loyalty point program), and payment tools for the franchisee clinics.

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

Use of Non-GAAP Financial Measures

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


SBC MEDICAL GROUP HOLDINGS INCORPORATED UNAUDITED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	137,393,070		$	103,022,932
Accounts receivable		1,944,604			1,437,077
Accounts receivable – related parties		27,835,179			33,676,672
Inventories		1,985,883			3,090,923
Finance lease receivables, current – related parties		8,443,338			6,143,564
Customer loans receivable, current		16,125,086			8,484,753
Prepaid expenses and other current assets		8,372,668			10,050,005
Total current assets		202,099,828			165,905,926

Non-current assets:
Property and equipment, net		13,194,414			13,582,017
Intangible assets, net		16,218,233			19,739,276
Long-term investments		4,905,115			849,434
Goodwill, net		3,545,391			3,590,791
Finance lease receivables, non-current – related parties		4,629,047			3,420,489
Operating lease right-of-use assets		5,251,418			5,919,937
Deferred tax assets		624,564			-
Customer loans receivable, non-current		6,590,301			6,444,025
Long-term prepayments		4,308,810			4,099,763
Long-term investments in MCs – related parties		19,561,069			19,811,555
Other assets		15,550,402			15,442,058
Total non-current assets		94,378,764			92,899,345
Total assets	$	296,478,592		$	258,805,271

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	14,873,829		$	26,531,944
Current portion of long-term loans		136,683			156,217
Notes payable, current – related parties		10,202,360			3,369,203
Advances from customers		565,495			2,074,457
Advances from customers – related parties		18,994,015			23,058,175
Income tax payable		8,000,808			8,782,930
Operating lease liabilities, current		4,060,844			3,885,812
Accrued liabilities and other current liabilities		12,054,047			21,009,009
Due to related party		3,532,453			3,583,523
Total current liabilities		72,420,534			92,451,270

Non-current liabilities:
Long-term loans		686,470			1,062,722
Notes payable, non-current – related parties		11,659,022			11,948,219
Deferred tax liabilities		3,515,825			6,013,565
Operating lease liabilities, non-current		1,528,972			2,444,316
Other liabilities		1,147,345			1,074,930
Total non-current liabilities		18,537,634			22,543,752
Total liabilities		90,958,168			114,995,022

Stockholders’ equity:
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023) ⁽¹⁾		-			-
Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,020,816 and 94,192,433 shares issued and outstanding as of September 30, 2024 and December 31, 2023) ⁽¹⁾		10,302			9,419
Additional paid-in capital ⁽¹⁾		60,825,115			36,879,281
Treasury stock receivable (270,000 shares of common stock) - related party		(2,700,000	)		-
Retained earnings		182,923,786			142,848,732
Accumulated other comprehensive loss		(36,078,149	)		(37,578,255	)
Total SBC Medical Group Holdings Incorporated’s stockholders’ equity		204,981,054			142,159,177
Non-controlling interests		539,370			1,651,072
Total stockholders’ equity		205,520,424			143,810,249

Total liabilities and stockholders’ equity	$	296,478,592		$	258,805,271

⁽¹⁾	Retrospectively restated for effect of recapitalization on equity due to reverse acquisition effective September 17, 2024.


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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023

Revenues, net – related parties	$	51,209,243		$	45,119,709		$	152,718,488		$	125,336,653
Revenues, net		1,875,640			2,158,976			8,276,517			5,856,076
Total revenues, net		53,084,883			47,278,685			160,995,005			131,192,729
Cost of revenues		9,845,793			13,780,309			38,816,865			37,256,066
Gross profit		43,239,090			33,498,376			122,178,140			93,936,663

Operating expenses:
Selling, general and administrative expenses		16,597,032			13,446,618			43,784,637			46,885,138
Stock-based compensation		12,807,455			-			12,807,455			-
Misappropriation loss		-			28,516			-			380,766
Total operating expenses		29,404,487			13,475,134			56,592,092			47,265,904

Income from operations		13,834,603			20,023,242			65,586,048			46,670,759

Other income (expenses):
Interest income		7,950			10,234			37,283			86,345
Interest expense		(5,466	)		(3,978	)		(15,898	)		(37,380	)
Other income		65,922			1,138,869			721,894			3,875,723
Other expenses		(795,158	)		(98,314	)		(2,746,450	)		(581,239	)
Gain on disposal of subsidiary		-			-			3,813,609			-
Total other income (expenses)		(726,752	)		1,046,811			1,810,438			3,343,449

Income before income taxes		13,107,851			21,070,053			67,396,486			50,014,208

Income tax expense		10,273,384			13,012,262			27,254,478			25,683,244

Net income		2,834,467			8,057,791			40,142,008			24,330,964
Less: net income (loss) attributable to non-controlling interests		1,573			(298,623	)		66,954			(696,812	)
Net income attributable to SBC Medical Group Holdings Incorporated	$	2,832,894		$	8,356,414		$	40,075,054		$	25,027,776

Other comprehensive income (loss):
Foreign currency translation adjustment		20,783,646			(974,249	)		1,543,245			(19,825,222	)
Reclassification of unrealized gain on available-for-sale debt security to net income when realized, net of tax effect of nil and $(97,856) for the three months ended September 30, 2024 and 2023, respectively; nil and $(97,856) for the nine months ended September 30, 2024 and 2023, respectively		-			(205,383	)		-			(8,760	)
Total comprehensive income		23,618,113			6,878,159			41,685,253			4,496,982
Less: comprehensive income (loss) attributable to non-controlling interests		180,093			(387,948	)		110,093			(1,129,475	)
Comprehensive income attributable to SBC Medical Group Holdings Incorporated	$	23,438,020		$	7,266,107		$	41,575,160		$	5,626,457

Net income per share attributable to SBC Medical Group Holdings Incorporated ⁽¹⁾
Basic and diluted	$	0.03		$	0.09		$	0.42		$	0.27

Weighted average shares outstanding ⁽¹⁾
Basic and diluted		95,095,144.00			94,192,433.00			94,495,533.00			94,192,433.00

⁽¹⁾	Retrospectively restated for effect of recapitalization on equity due to reverse acquisition effective September 17, 2024.

SBC MEDICAL GROUP HOLDINGS INCORPORATED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	40,142,008		$	24,330,964
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		2,867,781			9,688,640
Non-cash lease expense		2,908,990			2,424,220
Provision for (reversal of) credit losses		(127,196	)		282,934
Stock-based compensation		12,807,455			-
Impairment loss on property and equipment		-			204,026
Realized gain on short-term investments		-			(223,164	)
Fair value change of long-term investments		1,682,282			-
Gain on disposal of subsidiary		(3,813,609	)		-
Loss (gain) on disposal of property and equipment and intangible assets		185,284			(249,532	)
Deferred income taxes		(2,154,837	)		(1,379,922	)
Changes in operating assets and liabilities:
Accounts receivable		(804,000	)		(924,061	)
Accounts receivable - related parties		4,971,911			(19,979,099	)
Inventories		763,075			(4,038,874	)
Finance lease receivables - related parties		(3,430,267	)		17,241,740
Customer loans receivable		12,860,220			-
Prepaid expenses and other current assets		902,230			8,173,153
Long-term prepayments		432,380			(1,991,626	)
Other assets		(348,178	)		(1,884,352	)
Accounts payable		(10,511,619	)		6,712,977
Notes payable - related parties		(14,030,092	)		-
Advances from customers		(1,401,437	)		(681,973	)
Advances from customers - related parties		(3,565,778	)		(7,430,332	)
Income tax payable		(549,446	)		16,518,062
Operating lease liabilities		(2,971,946	)		(2,335,113	)
Accrued liabilities and other current liabilities		(9,010,270	)		298,743
Accrued retirement compensation expense - related party		-			(22,082,643	)
Other liabilities		81,290			79,215
NET CASH PROVIDED BY OPERATING ACTIVITIES		27,886,231			22,753,983

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(1,974,285	)		(2,299,045	)
Purchase of intangible assets		-			(1,683,030	)
Purchase of convertible note		(1,700,000	)		(1,000,000	)
Prepayments for property and equipment		(843,740	)		(417,353	)
Advances to related parties		(617,804	)		(1,017,292	)
Payments made on behalf of a related party		(5,245,990	)		-
Purchase of short-term investments		-			(2,106,720	)
Purchase of long-term investments		(331,496	)		-
Long-term investments in MCs - related parties		-			(26,780	)
Cash received from acquisition of subsidiary, net of cash received		-			722,551
Long-term loans to others		(80,793	)		(421,429	)
Repayments from related parties		5,990,990			734,358
Repayments from others		62,927			47,356
Proceeds from sales of short-term investments		-			4,125,813
Proceeds from surrender of life insurance policies		-			3,954,760
Disposal of subsidiary, net of cash disposed of		(815,819	)		-
Proceeds from disposal of property and equipment		1,971			8,046,007
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(5,554,039	)		8,659,196
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from related parties		-			12,310,106
Proceeds from reverse recapitalization, net of transaction costs		11,707,417			-
Proceeds from issuance of common stock		-			10
Proceeds from exercise of stock warrants		31,374			-
Repayments of long-term loans		(89,448	)		(8,691,462	)
Repayments to related parties		(65,305	)		(7,619,266	)
Deemed contribution in connection with disposal of property and equipment		-			9,620,453
Deemed contribution in connection with reorganization		-			642,748
NET CASH PROVIDED BY FINANCING ACTIVITIES		11,584,038			6,262,589

Effect of changes in foreign currency exchange rate		453,908			(11,982,793	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		34,370,138			25,692,975
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD		103,022,932			51,737,994
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD	$	137,393,070		$	77,430,969

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense	$	15,898		$	37,380
Cash paid for income taxes	$	31,332,123		$	12,608,072

NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment transferred from long-term prepayments	$	164,781		$	7,681,830
An intangible asset transferred from long-term prepayments	$	-		$	17,666,115
Settlement of loan payable to a related party in connection with disposal of property and equipment	$	-		$	4,163,604
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	-		$	1,029,518
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications	$	2,408,752		$	2,110,079
Issuance of promissory notes to related parties in connection with loan services provided	$	20,398,301		$	-
Issuance of common stock to a related party from conversion of convertible note	$	2,700,000		$	-
Issuance of common stock as incentive shares	$	34		$	-
Settlement of loan payable to a related party in connection with issuance of common stock	$	-		$	795
Non-cash purchase consideration for an asset acquisition	$	-		$	705,528

SBC MEDICAL GROUP HOLDINGS INCORPORATED Unaudited Reconciliations of GAAP and Non-GAAP Results

	For the Three Months Ended September, 30						For the Nine Months Ended September, 30
	2024			2023			2024			2023
Income from operations		13,834,603			20,023,242			65,586,048			46,670,759
Depreciation and amortization expense		1,018,359			3,287,809			2,867,781			9,688,640
EBITDA		14,852,962			23,311,051			68,453,829			56,359,399
*EBITDA Margin*		28	%		49	%		42	%		43	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20241113823490/en/

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Altasciences’ Commitment to Supporting Pharma and Biotech With Comprehensive Bioanalytical Services13.11.2024 18:00:00 CET | Press release

Altasciences, a trusted drug development research partner for over 30 years, continues its commitment to providing world-class bioanalytical services. This core business supports both preclinical and clinical studies conducted at Altasciences’ facilities, while also offering an extensive standalone solution to meet the diverse needs of clients. By delivering high-quality, flexible bioanalytical services, Altasciences remains dedicated to advancing drug development and empowering clients across every phase of research. For three decades now, Altasciences has taken pride in evolving their solutions to meet the needs of pharmaceutical and biotechnology companies of all sizes, including the expansion of their labs in Seattle, WA, Columbia, MO, and Laval, Québec. Their three state-of-the-art bioanalytical laboratories feature mirrored operations and uniform protocols to maintain consistency and quality across client projects, ensuring reliable, high-quality data regardless of location. This

Medidata Secures Highest Leadership Position in Everest Group’s First Life Sciences Clinical Trial Management System Products PEAK Matrix® Assessment13.11.2024 15:30:00 CET | Press release

Medidata, a Dassault Systèmes brand and the leading provider of clinical trial solutions to the life sciences industry, has been recognized as a leader in Everest Group's first-ever Life Sciences Clinical Trial Management System Products PEAK Matrix® Assessment 2024. The report assessed 13 providers based on the market impact of their products and their ability to deliver successful, high-quality offerings. Medidata Rave CTMS leads the industry by providing seamless, real-time patient data outputs that transform enrollment tracking and enable faster, data-driven decisions. Offering instant visibility for study teams, Rave CTMS streamlines collaboration, eliminates manual data entry, and accelerates trial timelines with exceptional accuracy. “We are honored to be recognized as the highest leader in CTMS by Everest Group,” said Tom Doyle, chief technology officer, Medidata. “This accolade underscores our unwavering commitment to transforming research and reaffirms our strategy to deliver

China Moutai Showcases Ecology Promotion Practices at the China Pavilion During COP2913.11.2024 15:05:00 CET | Press release

At a side event titled "Ecological Civilization and Beautiful China Practices" during the 2024 UN Climate Change Conference (COP29) in Baku, Azerbaijan, China Moutai showcased its commitment to ecological sustainability and called for greater attention to climate change. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241113718721/en/ Li Wang, General Manager of China Moutai Group, presented at the side event in Baku. (Photo: Business Wire) Li Wang, General Manager of China Moutai Group, emphasized that Chinese modernization is rooted in achieving harmony between humanity and nature. She said that as a representative of China’s liquor industry, Moutai has embraced the principle that "lucid waters and lush mountains are invaluable assets." This philosophy underscores the company’s approach to modernization, which prioritizes environmental stewardship. Wang highlighted Moutai Group’s dedication to leveraging regional ecological

Appeals Court Confirms Conviction of Intercos Korea in Kolmar Korea Tech Theft13.11.2024 15:00:00 CET | Press release

Intercos Korea to be held criminally liable for leaking and misusing Kolmar Korea’s trade secrets Kolmar Korea (KRX: 161890) has won the victory in the remand trial against Intercos Korea, the Korean subsidiary of Italian cosmetics firm Intercos, concerning the misappropriation of its core sunscreen technology. The latest ruling has confirmed Intercos Korea is guilty of stealing Kolmar Korea’s technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241113259255/en/ Kolmar Korea R&D Complex (photo: Kolmar Holdings) The 3-2 Criminal Division of the Suwon District Court sentenced a fine of KRW 5 million on Intercos Korea for breaching the Unfair Competition Prevention and Trade Secret Protection Act on October 18. While the court reduced the fine from an initial KRW 10 million to KRW 5 million, it upheld the conviction of Intercos Korea. The ruling became final as Intercos Korea opted not to file an appeal. Intercos Korea wa

Quit Like Sweden Celebrates Sweden’s Historic Milestone13.11.2024 14:10:00 CET | Press release

Today, the Swedes have officially become smoke-free. Smoking prevalence across the country reduced to 5.3%. Remarkably, among those who have been benefited from Swedish policies during their entire life, it reduced to 4.5%. People from other countries in Europe who have moved to Sweden would be three times more likely to smoke if they had not moved (24%1 vs 7.8%). Quit Like Sweden, a platform dedicated to sharing the “Swedish Experience,” is celebrating this milestone with calls for other nations to improve millions of lives around the world. “This isn’t just Sweden’s victory – it’s a proof of concept for the entire world,” said Suely Castro, Founder of Quit Like Sweden. “Today, we can celebrate a public health revolution. By complementing smoking cessation and prevention measures and programmes with Accessible, Acceptable, and Affordable alternatives to smoking, Sweden has proven that a world with fewer smoking-related deaths and illnesses isn’t just a dream: it’s achievable. Now we n

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom