Technology

Hitek Global Inc. Announces First Half of Fiscal Year 2024 Financial Results

Published

2 years ago

October 28, 2024

XIAMEN, China, Oct. 28, 2024 /PRNewswire/ — Hitek Global Inc. (Nasdaq: HKIT) (the “Company”), a China-based information technology consulting and solutions service provider, today announced its unaudited financial results for the six months ended June 30, 2024.

Ms. Xiaoyang Huang, Chief Executive Officer and Director of Hitek Global Inc., commented, “We are pleased to report a solid performance for the first half of fiscal year 2024, as we continue to adapt to an evolving market environment. Despite facing challenges, particularly due to the implementation of Golden Tax Phase IV, which introduced new complexities for enterprises in managing their taxes, we have remained resilient. One of the key highlights of our financial performance is the increase in our gross profit margin, which rose to 52.0% for the six months ended June 30, 2024, compared to 50.9% in the same period last year. This improvement reflects our successful shift toward higher-margin revenue streams, especially in software sales, which continue to grow as we cater to larger clients. As we move forward, we are also actively expanding into new business modules to strengthen our market position. We are exploring strategic acquisitions and partnerships, particularly in the technical services, which we believe will offer immense growth potential. These moves are aligned with our long-term vision. By leveraging our expertise and seizing these emerging opportunities, we are confident in our ability to drive sustainable growth and deliver greater value to our shareholders.”

First Half 2024 Financial Highlights

Revenue was $1.83 million for the six months ended June 30, 2024 compared to $2.95 million for the same period of last year.Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year.Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024 compared to $0.05 for the same period of last year.

First Half 2024 Financial Results

Revenue

Total revenues were $1.83 million for the six months ended June 30, 2024, compared to $2.95 million for the same period of last year.

Revenue generated from hardware sales was $0.75 million for the six months ended June 30, 2024, compared to $1.31 million for the same period of last year. The hardware sales decrease was mainly due to the decrease in our customers’ demands affected by the sluggish economic environment.Revenue generated from CIS software sales was $0.82 million for the six months ended June 30, 2024, increased by 6.1% from $0.78 million for the same period of last year. CIS software sales increased mainly due to the increase in software sales to large customers.Revenue generated from tax devices and services was $0.26 million for the six months ended June 30, 2024, compared to $0.86 million for the same period of last year. Tax devices and service sales decreased due to new policies that Xiamen tax authorities implemented the use of electronic invoices system to replace the prior tax control system.

Gross Profit and Gross Margin

Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.

Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year. This was mainly due to the increase of software sales, which has a relatively high gross profit margin compared with other revenue streams.

Operating Expenses

Operating expenses were $0.99 million for the six months ended June 30, 2024, decreased by 8.0% from $1.08 million for the same period of last year.

Selling expenses were $9,844 for the six months ended June 30, 2024, increased by 2,928.9% from $325 for the same period of last year. Selling expenses were 0.5% of total revenues for the six months ended June 30, 2024 and 0.01% of total revenues in the comparable period of 2023. The increase results from marketing activities to attract new purchases from new and existing customers.General and administrative expenses were $1.32 million for the six months ended June 30, 2024, increased by 32.7% from $0.99 million for the same period of last year. The increase was mainly due to the increase in consulting fees for financing.

Operating loss was $0.37 million for the six months ended June 30, 2024 compared to operating income of $0.51 million for the comparable period of 2023. The decrease in operating income in 2024 was primarily due to the decrease in revenue and increase of general and administrative expenses.

Other Income

Other income was $0.66 million and $0.44 million for the six months ended June 30, 2024 and 2023, respectively. The increase was primarily due to the increase in interest income from loan receivables and increase of net investment income.

Net Income

As a result of the factors described above, net income was $0.12 million for the six months ended June 30, 2024, compared to $0.62 million for the comparable period of 2023.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024, compared to $0.05 for the same period of last year.

Balance Sheet

As of June 30, 2024, the Company had cash of $7.22 million, compared to $9.31 million as of December 31, 2023.

Cash Flow

Net cash provided by operating activities was $0.75 million for the six months ended June 30, 2024, compared to $0.20 million for the same period of last year.

Net cash used in investing activities was $11.03 million for the six months ended June 30, 2024, compared to $11.00 million for the same period of last year.

Net cash provided by financing activities was $8.20 million for the six months ended June 30, 2024, compared to $15.14 million for the same period of last year.

About Hitek Global Inc.

Hitek Global Inc., headquartered in Xiamen, China, is an information technology (“IT”) consulting and solutions service provider in China. The Company has two lines of business: 1) services to small and medium businesses, which consists of Anti-Counterfeiting Tax Control System (“ACTCS”) tax devices, ACTCS services, and IT services, and 2) services to large businesses, which consists of hardware sales and software sales. The Company’s vision is to become a one-stop consulting destination for holistic IT and other business consulting services in China. For more information, visit the Company’s website at http://ir.xmhitek.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update 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 in its other filings with the SEC.

For investor and media inquiries please contact:

Hitek Global Inc.
Investor Relations Department
Email: ir@xmhitek.com

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SOURCE HITEK GLOBAL INC

Technology

Zifo Transforms Ontology Engineering with AI-Powered Intelligent Automation

Published

4 hours ago

April 30, 2026

Advanced AI solution speeds up ontology creation by 80%, generating structured, interoperable knowledge models for science-driven organizations.

CAMBRIDGE, Mass. and CAMBRIDGE, England, April 30, 2026 /PRNewswire/ — Zifo, the leading global enabler of AI and data-driven enterprise informatics for science-driven organizations, has developed an Intelligent Automation solution for Ontology Engineering, which is designed to seamlessly generate structured, interoperable knowledge models while accelerating ontology creation by 80%.

Overcoming the Bottlenecks of Manual Ontology Creation

Manual ontology creation in the biopharma industry has traditionally been a time-consuming process that requires specialized expertise. Organizations frequently struggle with semantic ambiguity, complex integration challenges, and limited scalability, resulting in workflows that can take weeks to complete. Zifo’s AI-powered automation tackles these challenges head-on by eliminating 80% of the manual work through automated class generation, description creation, and precise IRI mapping.

Addressing the Complexities of Semantic Knowledge

Developing comprehensive knowledge models often demands deep domain expertise to define relationships and align terminology. Zifo’s intelligent solution overcomes this by providing an AI-guided workflow featuring an intuitive interface, meaning specialized ontology engineering knowledge is no longer required. By leveraging LLM-powered generation, the solution creates precise definitions with a deep understanding of domain-specific context, while generating standardized synonyms and establishing controlled vocabulary alignment to eliminate inconsistent terminology.

A Solution Designed for Scalable Scientific Data Modeling

The AI-powered solution addresses critical format compatibility and integration points in ontology management:

Seamless Integration: Automated mapping connects directly to established ontologies, including NCIT, CHEBI, OBI, and EFO, via BioPortal and OLS APIs.Massive Scalability: Parallel processing and batch operations empower teams to execute large-scale ontology projects without performance limitations.Automated Hierarchies: The AI autonomously generates semantic relationships and parent-child hierarchies based on domain context and predefined relation vocabularies.Format Compatibility: The solution produces direct OWL/RDF exports with proper URIs, ensuring seamless downstream integration.

Unique Features include:

Multi-Source Integration: The solution combines BioPortal, OLS, and EMBL-EBI APIs to guarantee comprehensive ontology coverage.Intelligent Ranking System: The system uses AI-powered relevance scoring and justification for precise ontology mappings.Precise IRI Mapping: It ensures that each generated class is linked to the correct IRI, directly promoting semantic web compatibility.Human-in-the-Loop Design: The solution automates repetitive tasks while maintaining vital expert oversight.End-to-End Workflow: Users are guided through a complete pipeline, from initial domain knowledge input straight to exportable OWL files.Visual Knowledge Graph: An interactive graph visualization allows for intuitive relationship exploration and validation.Multi-Format Exports: Provides seamless export options in CSV, OWL, or HTML Ontograph formats for downstream use, collaboration, and visualization.

Strategic Value Across the Scientific Chain

This solution breaks down the traditional barriers of data structuring. Built on a robust backend of Python, LangChain, and leading LLM models, alongside a frontend framework using Next.js 15 and Cytoscape.js for graph visualization, the solution is highly adaptable. Furthermore, future optimization enhancements will include provisions for uploading user-defined classes or semi-ready ontologies.

About Zifo

Zifo is the leading global enabler of AI and data-driven enterprise informatics for science-driven organizations. With expertise spanning research, development, manufacturing, and clinical domains, Zifo serves a diverse range of industries including Pharma, Biotech, Chemicals, Food and Beverage, and more. Trusted by over 190 organizations worldwide, Zifo is the partner of choice for advancing digital scientific innovation.

For more information, visit www.zifornd.com; https://zifornd.com/practical-ai-blueprints/

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SOURCE Zifo Technologies

Technology

UNC-Chapel Hill establishes ‘Carolina in the Capital’ with new Washington, D.C. office

Published

4 hours ago

April 30, 2026

CHAPEL HILL, N.C., April 30, 2026 /PRNewswire/ — The University of North Carolina at Chapel Hill has opened a new office in Washington, D.C., establishing an expanded presence for the University in the nation’s capital and creating exciting opportunities for students, faculty, staff and alumni.

Located at 101 Constitution Avenue NW, the 10,861-square-foot space – coined “Carolina in the Capital” – will support a variety of functions, including educational programming for undergraduate and graduate students, alumni relations and engagement with government partners.

As a leading R1 university, UNC-Chapel Hill annually attracts more than $1.6 billion to the state’s economy to fund research that creates a better quality of life for all its citizens. More than 60% of UNC-Chapel Hill’s total research funding comes from federal sponsors with the majority of that federal funding coming from the National Institutes of Health (NIH), which is based in the Washington area.

“Carolina in the Capital is a state-of-the-art facility that reflects our commitment to creating experiential learning opportunities for our students and faculty,” said Chancellor Lee H. Roberts. “The space is designed as an immersive learning environment where students can translate classroom knowledge into hands-on experience, which has never been more important. The facility also strengthens our ability to support engagement between our staff, alumni, policymakers and partners.”

Supporting students participating in Carolina’s Washington-based academic programs is a priority. For years, students and faculty have relied on temporary or borrowed spaces across the city. The new office provides a permanent home where students can gather, learn and build community while living and studying in Washington. A robust schedule of classes and events will fill the space throughout the year.

The Washington, D.C. region is home to the largest concentration of out-of-state Carolina alumni anywhere in the country. The new office creates a dedicated space to strengthen those connections and support networking, mentorship, professional development and community-building among D.C.-based Tar Heels.

The space will also serve as a platform to bring Carolina’s research and academic expertise into closer conversation with policymakers, industry leaders and member organizations. Carolina is the nation’s 11th largest university in the country based on research volume with primary federal funding coming from NIH and the National Science Foundation (NSF), both based in the D.C. area. Carolina is a proud member of the Association of American Universities (AAU) and the Association of Public & Land Grant Universities (APLU), which are both based in Washington.

The office is funded entirely through the UNC-Chapel Hill Foundation and does not use any state appropriations.

You can view additional photos of the space here.

Media Contact: UNC Media Relations, 919-445-8555, mediarelations@unc.edu

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SOURCE University of North Carolina at Chapel Hill Office of Communications

Technology

Investing.com Acquires Stonki to Accelerate Its Entry into the Agentic AI Era

Published

4 hours ago

April 30, 2026

The acquisition strengthens Investing.com’s AI capabilities, advancing a next-generation research assistant that can analyze markets, generate insights, and guide investors in real time

NEW YORK, April 30, 2026 /PRNewswire/ — Investing.com, one of the world’s largest financial platforms used by more than 60 million investors each month, today announced the acquisition of Stonki, an AI-powered investing assistant designed to help traders turn ideas into structured, actionable trading plans.

The move marks a major step in the company’s evolution toward agentic AI, strengthening its ability to deliver faster, deeper, and more actionable market insights to a growing base of more than 300,000 paying subscribers across its InvestingPro suite, the company’s premium subscription offering for advanced market data, tools, and AI-driven insights.

Over the past 12 months, nearly 3 million users have used WarrenAI, Investing.com’s AI-powered financial research assistant launched last year, to perform market analysis, making AI a central entry point into the platform’s ecosystem. With the addition of Stonki, the company is moving beyond traditional AI tools toward agentic systems that can proactively guide users through the investment process.

“We’re entering the age of agentic AI, where the technology moves beyond just answering questions to actively helping investors think, analyze, and act,” said Omer Shvili, CEO of Investing.com. “Bringing Stonki.ai into the fold accelerates our goal of building an agentic platform that will serve as a 24/7 analyst for our users. We are developing this to be more than just a tool; it will be a partner that identifies opportunities, tracks unfolding situations, and surfaces trade ideas even when the user isn’t active—giving our users the kind of edge that was previously only available to professional investors.”

Founded in 2025, Stonki is developing a new category of ‘agentic’ AI for investing, enabling users to turn investment ideas into fully defined strategies with entry and exit conditions, risk management rules, and continuous monitoring.

“We started Stonki because, as investors and traders ourselves, we knew how much time and focus it takes to stay on top of the market and properly manage a day trade, a swing trade, an investment idea, or a portfolio,” said Ulas Bilgenoglu and Itay Verkh, co-founders of Stonki. “We set out to build AI that could carry part of that load by continuously monitoring the market, turning ideas into structured strategies, and helping users make better decisions with clear entry and exit conditions, disciplined risk management, and ongoing tracking. Joining Investing.com gives us the scale, data, reach, and strong AI foundation to accelerate that vision. Together, we can create an experience where AI helps users stay ahead of the market, manage risk, and act with greater confidence.”

The acquisition expands Investing.com’s AI capabilities across both technical and fundamental investing workflows. Stonki’s technology is built around persistent, real-time intelligence, continuously monitoring markets, tracking user-defined strategies, and alerting investors when conditions align, rather than relying on one-off prompts or static analysis.

For active traders, the platform is evolving into a real-time analysis engine designed to support high-frequency decision-making with precision and speed. For long-term investors, it is becoming a central hub for research, enabling users to evaluate opportunities, set personalized alerts, and monitor portfolios based on their individual investment strategies.

Users will be able to define specific conditions, such as a stock crossing a long-term moving average, and have the AI continuously monitor the market, analyze relevant signals, and surface actionable insights in real time. The system will also review portfolios on an ongoing basis, helping investors avoid potential losses and uncover new opportunities aligned with their strategy.

This latest step builds on Investing.com’s broader strategy of expanding its AI-powered suite, including WarrenAI, ProPicks AI, and its recently launched AI Chart Analysis, all aimed at delivering faster, more accurate and more actionable insights to investors.

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SOURCE Investing.com