Connect with us

Technology

Shengfeng Development Limited Announces First Half of Fiscal Year 2024 Unaudited Financial Results

Published

2 years ago

on

Revenue Up 22.8% Year Over Year, Driven by Expansion of Customer Relationships

FUZHOU, China, Sept. 4, 2024 /PRNewswire/ — Shengfeng Development Limited (“Shengfeng” or the “Company”) (NASDAQ: SFWL), a contract logistics company in China providing customers with integrated logistics solutions, today announced its unaudited financial results for the six months ended June 30, 2024.

Financial Highlights for the First Half of 2024:

Total Revenue: Increased by approximately 22.8% to $227.1 million, compared to $185.0 million for the same period in 2023. This growth was primarily driven by the expansion of services with new clients, particularly in the new energy sector. The Company saw significant growth due to increased demand within this sector, reflecting deepened partnerships and expanded service offerings.Gross Profit: Decreased by approximately 7.4% to $21.1 million, compared to $22.8 million in the first half of 2023. However, the Company anticipates improved margins in the second half of the year, due to enhanced operational efficiencies and a focus on higher-margin customer contracts.Net Income: Decreased by 22.5% to $5.0 million, compared to $6.5 million for the same period in 2023. Earnings per share (EPS) decreased to $0.06 from $0.08 in the first half of 2023. Despite a competitive market environment and increased operational costs, the Company remains optimistic about net income growth through improved cost management strategies and sustained revenue expansion.

Cost and Expense Overview:

Operating Expenses: Operating expenses increased slightly by 1.5% to $14.5 million in the first half of 2024, compared to $14.3 million for the same period in 2023. Operating expenses grew at a much slower rate than sales, reflecting the Company’s disciplined approach to cost management. This modest increase reflects contrasting trends within different expense categories:Selling and Marketing Expenses: Decreased by 14.2% to $2.9 million, down from $3.3 million in the first half of 2023. This reduction was primarily due to a decrease in employee-related costs as a result of workforce optimization initiatives, which streamlined operations and reduced overall expenses.General and Administrative Expenses: Increased by 6.3% to $11.7 million, up from $11.0 million in the same period in 2023. This rise was driven by higher employee salaries and benefits, as well as increased professional consultancy fees. These increases were necessary to support the Company’s expanded operations and higher revenue base, necessitating additional resources and staff in the general and administrative departments.

Cash Position:

Cash and Cash Equivalents: As of June 30, 2024, cash and cash equivalents were $11.2 million, compared to $26.7 million as of December 31, 2023. The decrease was primarily due to investments in business expansion and increased working capital requirements to support the growth in revenue. The Company remains committed to maintaining a strong liquidity position to support ongoing operations and strategic initiatives.

Operational Highlights:

Transportation Services: Net revenues increased by 25.0% to $217.5 million, driven by the expansion of new customer relationships and increased demand for logistics solutions, especially in the new energy and consumer goods sectors.Warehouse Storage Management Services: Revenues decreased by 11.2% to $8.3 million, reflecting a strategic shift away from low-margin services and the closure of redundant facilities.

CEO Commentary:

Mr. Yongxu Liu, Chairman and Chief Executive Officer of Shengfeng, commented, “Our robust revenue growth in the first half of 2024 reflects the deepened cooperation with our clients, particularly in the fast-moving consumer goods and new energy sectors. With notable partners like BYD Company Limited, Contemporary Amperex Technology Co. Limited, and Budweiser Brewing Company APAC Limited, we are endeavoring to enhance our service offerings and expand our presence in these dynamic industries. We remain confident in our ability to maintain our growth trajectory while enhancing operational efficiencies.”

Outlook:

Looking ahead, Shengfeng aims to sustain its growth and improve margins in the second half of 2024. The Company is committed to leveraging its extensive logistics network and innovative solutions to serve a broader range of industries and customers.

About Shengfeng Development Limited

Shengfeng Development Limited is a contract logistics company in China providing customers with integrated logistics solution services. Established in 2001, the Company has developed extensive and reliable transportation networks in China, covering 341 cities across 31 provinces, as of June 30, 2024. The Company provides integrated logistics solutions comprised of B2B freight transportation services, cloud storage services, and value-added services. The Company applies well-established management system and operation procedures to assist companies in China to increase efficiency and improve their own management systems with respect to transportation, warehousing and time management. For more information, please visit the Company’s website: http://ir.sfwl.com.cn/.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

 

View original content:https://www.prnewswire.com/news-releases/shengfeng-development-limited-announces-first-half-of-fiscal-year-2024-unaudited-financial-results-302238575.html

SOURCE Shengfeng Development Limited

Related Topics:
Continue Reading

Technology

The Ultimate Send-off to Summer: CSTS Debuts Global Entertainment IP PremierX at New York’s Pier 17, Ushering in a New Era of Live Entertainment

Published

1 hour ago

on

October 24, 2026

By

NEW YORK, Oct. 24, 2026 /PRNewswire/ — CSTS Enterprises (‘CSTS’), a New York-based sports, entertainment, integrated media and travel technology group, today announced the official launch of PremierXTM, its flagship live entertainment brand, with a landmark Halloween Weekend event “AFTER DARK” at The Rooftop at Pier 17 in New York on October 30, 2026.

Capping off Seaport’s 2026 Summer Season in unforgettable fashion, the grand finale brings a powerhouse lineup of stars to the PremierXTM stage at Pier 17, featuring Lil Xan, Armani White, DJ Soda, Nate Wyatt, and surprise A-list guest headliners. Set against the iconic Manhattan skyline, the landmark eventing unites chart-topping hip-hop and high-octane electronic music for a festival-grade experience as The Rooftop at Pier 17 transforms into the city’s premier live music destination.

Building on the momentum of the PremierXTM After Party for the 2026 World Cup Final that took place in New York on July 19th, “AFTER DARK” signals the official debut of PremierXTM, a proprietary, New York – born global entertainment IP created by CSTS to deliver defining cultural experiences at the intersection of music, sport, art and lifestyle. Centred on the power of cultural crossover, PremierXTM serves as an international bridge connecting East and West, modern innovation and timeless classical, while uniting world-class artists, creators, performers and audiences through the universal language of entertainment and premium live experiences.

The launch also marks the beginning of a promising relationship with Pier 17, providing a world-class stage for PremierXTM to accelerate its growth in the U.S. and engage international audiences over the long term. By combining PremierXTM’s global entertainment vision with Pier 17’s iconic waterfront setting, the partnership aims to create a premier destination for live experiences, empowering both platforms to expand their global reach, deepen audience engagement, and drive sustainable growth.

As a key pillar of CSTS’ integrated ecosystem spanning entertainment, sports, travel, integrated media and marketing solutions, PremierXTM further strengthens the Group’s ability to create high-impact experiences that connect audiences, destinations and brand partners. With the global live entertainment market projected to grow from approximately US$203 billion in 2025 to US$270 billion by 2030[1], PremierXTM is well-positioned to capitalize on the growing demand for premium, experience-led entertainment while creating long-term value to the Group through recurring audience engagement, tourism and brand partnerships.

“PremierX TM represents a significant milestone in CSTS’ evolution from a leading operator of global sports and hospitality platforms into a creator of world-class entertainment experiences,” said Abel Zhao, Group CEO and Executive Director at CSTS Enterprises. “The season finale at Pier17 marks the beginning of an exciting new chapter for CSTS as we expand our entertainment footprint and introduce a platform designed to deliver iconic live experiences and bring together artists and audiences from across the globe.”

“PremierXTM was built from the ground up as a bespoke platform to champion multicultural talent and visionary creative performers.” said Jason Liu, Regional Director of CSTS USA. “Starting from New York, we are building a scalable global brand that brings iconic live experiences to audiences worldwide while expanding our presence across key entertainment hubs in North America, Asia and Europe.”

Following its New York launch, PremierXTM plans to expand through a broader international rollout across North America, Asia and Europe, with future editions planned as part of a growing network of recurring live entertainment properties and flagship cultural events.

For ticket information on PremierXTM: “AFTER DARK”, visit
https://www.axs.com/events/1644912/after-dark-tickets

About CSTS Enterprises

CSTS Enterprises is an integrated media, entertainment, sports, and travel technology group. Headquartered in New York City, the company develops and partners with intellectual properties and brands to deliver compelling experiences that connect with audiences across the world. In addition to its own initiatives, including Generation CTM and PremierXTM, it collaborates with international IPs including FIFA World Cup, UEFA European Championship, and Formula 1.

CSTS integrates experiential marketing, travel, data, and technology to deliver seamless end-to-end audience experiences. The company engages consumers across physical events and digital channels, executing at scale worldwide, turning complex activations into co-ordinated, measurable outcomes.

[1] Source: Industry research by Markets and Markets, Live Entertainment Market Size, Share, Latest Trends & Growth Analysis, 2025-2030, Live Entertainment Market Size, Share, Latest Trends & Growth Analysis, 2025-2030.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-ultimate-send-off-to-summer-csts-debuts-global-entertainment-ip-premierx-at-new-yorks-pier-17-ushering-in-a-new-era-of-live-entertainment-302918645.html

SOURCE CSTS Enterprises

Continue Reading

Technology

Swanson Vitamins Launches Swanson Vitamins Nexus Pro to Champion Registered Dietitians and Licensed Nutritionists at Every Stage of Their Careers

Published

1 hour ago

on

October 24, 2026

By

New network for health and nutrition professionals offers CPEU-accredited continuing education, profession-wide promotion, practicum support and exam scholarships

FARGO, N.D., Oct. 24, 2026 /PRNewswire/ — Swanson Vitamins today launched Swanson Vitamins Nexus Pro, a network for health and nutrition professionals. The new initiative champions registered dietitians and licensed nutritionists through every stage of their careers, from students to providers with decades of experience. Created by nutrition professionals for nutrition professionals, Swanson Vitamins Nexus Pro offers educational resources, incentives and investments to support practitioners who share Swanson’s commitment to uncompromising integrity.

Swanson Vitamins Nexus Pro offers tailored resources for both practicing professionals and students. For practicing registered dietitians and licensed nutritionists, the program provides CPEU-accredited continuing education, along with profession-wide promotion of the experts who guide consumers’ wellness decisions. For dietetics and nutrition students, Swanson is investing in the next generation of the profession through practicum support and scholarships toward licensing or credentialing exam fees.

As consumers take a more active role in their health, they are increasingly turning to registered dietitians and licensed nutritionists for accurate, science-backed guidance. Through Swanson Vitamins Nexus Pro, Swanson aims to help nutrition professionals strengthen their credentials and build expertise in areas where consumers are seeking trusted nutritional support.

“Since 1969, we have been committed to uncompromising integrity in service of everyone’s journey to real wellness, and we believe real wellness starts with the experts who guide it,” said Erin Del Ponte, EVP Brand Marketing at Swanson Vitamins. “Registered dietitians and licensed nutritionists translate nutrition science into practical, personalized guidance that helps people make informed decisions about their health. With Swanson Vitamins Nexus Pro, we are proud to support these professionals at every stage of their careers, from students preparing for their credentialing exams to seasoned providers building expertise in the areas that matter most to consumers today.”

Swanson Nexus Pro program highlights

CPEU-accredited continuing education for registered dietitians and licensed nutritionistsProfession-wide promotion of registered dietitians and licensed nutritionistsPracticum support for dietetics and nutrition studentsScholarships to help offset licensing or credentialing exam fees

Applications for Swanson Vitamins Nexus Pro are open and can be submitted HERE. Additional details, including scholarship award amounts and practicum support details, will be announced in the coming weeks.

Swanson Vitamins Nexus Pro was introduced at the Food & Nutrition Conference & Expo, the Academy of Nutrition and Dietetics’ annual conference, held Oct. 24-27 in San Antonio. This initiative builds on Swanson’s longstanding commitment to the nutrition and dietetics community and reflects the company’s continued investment in the professionals who help consumers make informed choices on their journey to real wellness.

Media Assets
Photos HERE

About Swanson Vitamins
Since 1969, Swanson Vitamins has offered high-quality, science-backed vitamins and supplements rooted in one simple belief: proof over promise. Nearly six decades before “wellness” became an industry, Swanson was pioneering trustworthy supplement offerings and upholding uncompromising quality standards through intentional sourcing, rigorous in-house and third-party testing and Good Manufacturing Practices (GMP).

Today, Swanson is a Certified GMP Facility recognized by NSF, backed by an in-house team of nutritionists, dietitians, scientists, chemists and pharmacists with a combined 250-plus years of experience. With more than 1,300 products across 36 categories, Swanson doesn’t chase trends. It sets standards for integrity, quality and clarity in the supplement industry.

Swanson products are available at SwansonVitamins.com, Amazon and iHerb.com. Learn more at SwansonVitamins.com or follow @swansonvitamins on Instagram.

MEDIA CONTACT
Lauren Torrez, Crowe PR
ltorrez@crowepr.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/swanson-vitamins-launches-swanson-vitamins-nexus-pro-to-champion-registered-dietitians-and-licensed-nutritionists-at-every-stage-of-their-careers-302918428.html

SOURCE Swanson Vitamins

Continue Reading

Technology

Technology Drives the Future of Travel: JETOUR Continues to Expand Its “Travel+” Ecosystem

Published

2 hours ago

on

October 24, 2026

By

WUHU, China, Oct. 24, 2026 /PRNewswire/ — Expectations for travel are evolving: vehicles are no longer simply a means of reaching a destination, but travel companions that bring people closer to nature, serving as a “mobile third space.”

JETOUR continues to advance its “Travel+” strategy, integrating technological innovation, product development, and ecosystem building into real travel scenarios. From October 20 to 23, the 2026 JETOUR Global Technology Experience Day, themed “Future Travel Starts Now,” takes place across Wuhu, Anhui and Moganshan, Zhejiang, featuring technology experiences, on-road driving, outdoor living, and conservation activities.

Technological Innovation: Expanding the Possibilities of Travel

Backed by the Group’s expertise in AI, intelligent driving, smart cabins, and AiMOGA Robotics, JETOUR turns cutting-edge technology into experiences users can genuinely feel. The XWD Fully Automatic Intelligent 4WD, with 7+X one-touch modes, tackles mountain roads, gravel, and water crossings, while the GAIA All-Terrain Intelligent Architecture adapts to diverse terrain and C-DM hybrid technology balances performance with efficiency. On October 21, models with these technologies take on mountain-road test drives at Moganshan.

A Diverse Product Lineup: Enriching the Travel Experience

The G700 combines premium comfort with hardcore off-road capability, while the T1 and T2 suit both urban driving and light off-road adventures. Roof tents, onboard refrigerators, and other ecosystem equipment turn the vehicle into an all-round companion. JETOUR also hosts a camping market and a Starry Night Forum, bringing product features into real travel settings.

Ecosystem: Extending the Value of Travel

Travel is about understanding cultures and protecting nature as well as exploration. Participants visit Xiazhu Lake in Zhejiang for a crested ibis conservation initiative. Globally, JETOUR supports cheetah conservation in Africa, turtle conservation in Malaysia, harpy eagle conservation in Panama, and protection of Pakistan’s national animal, the markhor.

JETOUR has also partnered with Chile’s Colo-Colo, FIBA, and the Malaysia Marathon, broadening engagement with local culture, sport, and communities — giving “Travel+” an ever richer meaning.

JETOUR now joins travelers worldwide across city, mountain, and wetland, exploring new possibilities through the deeper integration of technology and travel.

ABOUT JETOUR

Launched in 2018, JETOUR follows the “Travel+” strategy and has entered over 100 countries and regions, with 2,000+ sales and after-sales outlets. Its lineup includes the T Series for light off-road and the G Series for the premium luxury off-road market, covering urban commuting, family road trips, outdoor camping, and long-distance journeys.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/technology-drives-the-future-of-travel-jetour-continues-to-expand-its-travel-ecosystem-302918650.html

SOURCE JETOUR

Continue Reading

Trending