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Waters Corporation (NYSE: WAT) Reports Third Quarter 2024 Financial Results

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Highlights

Sales of $740 million exceeded guidance, grew 4% as reported and 4% in constant currencyInstruments returned to growth; recurring revenue grew high single-digits in constant currencyAll reported regions returned to growth in the quarter; sales grew across all end markets, led by Pharma & IndustrialGAAP EPS of $2.71 and non-GAAP EPS of $2.93 significantly exceeded guidance, led by strong operational performance and better-than-expected market conditionsRaised full-year sales and EPS guidance, with 5% to 7% constant currency growth expected in the fourth quarter

Third Quarter 2024

MILFORD, Mass., Nov. 1, 2024 /PRNewswire/ — Waters Corporation (NYSE: WAT) today announced its financial results for the third quarter of 2024.

Sales for the third quarter of 2024 were $740 million, an increase of 4% as reported, compared to sales of $712 million for the third quarter of 2023. Currency translation had minimal impact on sales.

On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2024 was $2.71, compared to $2.27 for the third quarter of 2023. On a non-GAAP basis, EPS was $2.93, compared to $2.84 for the third quarter of 2023. This includes a headwind of approximately 2% due to unfavorable foreign exchange.

“We delivered exceptional third quarter results, fueled by new product adoption and improved customer spending trends,” said Dr. Udit Batra, President & CEO, Waters Corporation. “Instruments returned to growth sooner than expected, as liquid chromatography sales to pharma and industrial customers turned positive.”

Dr. Batra continued, “Looking ahead, our strong commercial execution, competitive product portfolio, and excellent operational performance give us confidence in the long-term outlook for Waters.”

Other Highlights

During the third quarter of 2024, sales into the pharmaceutical market increased 2% as reported and 3% in constant currency. Sales into the industrial market increased 9% as reported and 7% in constant currency. Sales into the academic and government market increased 2% as reported and were flat in constant currency.

During the quarter, instrument system sales increased 1% as reported and in constant currency. Recurring revenues, which represent the combination of service and precision chemistries, increased 6% as reported and 7% in constant currency.

Geographically, sales in Asia during the quarter increased 5% as reported and 6% in constant currency. Sales in the Americas increased 1% as reported and in constant currency. Sales in Europe increased 6% as reported and 4% in constant currency.

Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis. A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company’s website www.waters.com in the Investor Relations section.

Full-Year and Fourth Quarter 2024 Financial Guidance

Full-Year 2024 Financial Guidance

The Company is raising its full-year 2024 sales guidance, and now expects organic constant currency sales growth to be in the range of -0.9% to -0.3%. Currency translation is expected to decrease full-year sales growth by 1.2%. M&A contribution from the Wyatt transaction covering the first four-and-a-half months of the year has added 1.3% to full-year reported sales. The resulting full-year 2024 reported sales growth is expected in the range of -0.8% to -0.2%.

The Company is also raising its full-year 2024 non-GAAP EPS guidance to now be in the range of $11.67 to $11.87, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full year.

Fourth Quarter 2024 Financial Guidance

The Company expects fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0%. Currency translation is expected to decrease fourth quarter sales growth by 1.7%. The resulting fourth quarter 2024 reported sales growth is expected in the range of +3.3% to +5.3%.

The Company expects fourth quarter 2024 non-GAAP EPS to be in the range of $3.90 to $4.10, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the fourth quarter.

Conference Call Details

Waters Corporation will webcast its third quarter 2024 financial results conference call today, November 1, 2024, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select “Investor Relations” under the “About Waters” section, navigate to “Events & Presentations,” and click on the “Webcast.” A replay will be available through November 29, 2024, on the same website by webcast and also by phone at (888) 282-0031.

About Waters Corporation

Waters Corporation (NYSE:WAT), a global leader in analytical instruments and software, has pioneered chromatography, mass spectrometry, and thermal analysis innovations serving the life, materials, food, and environmental sciences for more than 65 years. With approximately 7,500 employees worldwide, Waters operates directly in 35 countries, including 15 manufacturing facilities, and with products available in more than 100 countries. For more information, visit www.waters.com.

Non-GAAP Financial Measures

This press release contains financial measures, such as organic constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered “non-GAAP” financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Cautionary Statement

This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “feels”, “believes”, “anticipates”, “plans”, “expects”, “intends”, “suggests”, “appears”, “estimates”, “projects” and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward- looking statements within this release for a variety of reasons, including and without limitation, risks related to, and expectations or ability to realize commercial success of the Wyatt transaction; the impact of this transaction on the Company’s business, anticipated progress on Waters’ research programs, development of new analytical instruments and associated software or consumables, manufacturing development and capabilities; the increased indebtedness of the Company as a result of the Wyatt transaction, the repayment of which could impact the Company’s future results, market prospects for its products and sales and earnings guidance; foreign currency exchange rate fluctuations potentially affecting translation of the Company’s future non-U.S. operating results, particularly when a foreign currency weakens against the U.S. dollar; current global economic, sovereign and political conditions and uncertainties, including the effect of new or proposed tariff or trade regulations as well as other new or changed domestic and foreign laws, regulations and policies; changes in inflation and interest rates; the impacts and costs of war, in particular as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East, and the possibility of further escalation resulting in new geopolitical and regulatory instability; the Chinese government’s ongoing tightening of restrictions on procurement by government-funded customers; the Company’s ability to access capital, maintain liquidity and service the Company’s debt in volatile market conditions; risks related to the effects of any pandemic on our business, financial condition, results of operations and prospects; changes in timing and demand for the Company’s products among the Company’s customers and various market sectors, particularly as a result of fluctuations in their expenditures or ability to obtain funding; the ability to realize the expected benefits related to the Company’s various cost-saving initiatives, including workforce reductions and organizational restructurings; the introduction of competing products by other companies and loss of market share, as well as pressures on prices from competitors and/or customers; changes in the competitive landscape as a result of changes in ownership, mergers and continued consolidation among the Company’s competitors; regulatory, economic and competitive obstacles to new product introductions; lack of acceptance of new products and inability to grow organically through innovation; rapidly changing technology and product obsolescence; risks associated with previous or future acquisitions, strategic investments, joint ventures and divestitures, including risks associated with achieving the anticipated financial results and operational synergies; contingent purchase price payments and expansion of our business into new or developing markets; risks associated with unexpected disruptions in operations; failure to adequately protect the Company’s intellectual property, infringement of intellectual property rights of third parties and inability to obtain licenses on commercially reasonable terms; the Company’s ability to acquire adequate sources of supply and its reliance on outside contractors for certain components and modules, as well as disruptions to its supply chain; risks associated with third-party sales intermediaries and resellers; the impact and costs of changes in statutory or contractual tax rates in jurisdictions in which the Company operates as well as shifts in taxable income among jurisdictions with different effective tax rates, the outcome of ongoing and future tax examinations and changes in legislation affecting the Company’s effective tax rate; the Company’s ability to attract and retain qualified employees and management personnel; risks associated with cybersecurity and technology, including attempts by third parties to defeat the security measures of the Company and its third-party partners; increased regulatory burdens as the Company’s business evolves, especially with respect to the U.S. Food and Drug Administration and U.S. Environmental Protection Agency, among others, and in connection with government contracts; regulatory, environmental and logistical obstacles affecting the distribution of the Company’s products, completion of purchase order documentation and the ability of customers to obtain letters of credit or other financing alternatives; risks associated with litigation and other legal and regulatory proceedings; and the impact and costs incurred from changes in accounting principles and practices. Such factors and others are discussed more fully in the sections entitled “Forward-Looking Statements” and “Risk Factors” of the Company’s annual report on Form 10-K for the year ended December 31, 2023, as well as in the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” of the Company’s quarterly reports on Form 10-Q for the quarterly periods ended March 30, 2024 and June 29, 2024, as filed with the Securities and Exchange Commission (“SEC”), which discussions are incorporated by reference in this release, as updated by the Company’s future filings with the SEC. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.

Waters Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net sales

$               740,305

$               711,692

$            2,085,673

$            2,136,942

Costs and operating expenses:

Cost of sales

301,655

291,407

851,685

876,863

Selling and administrative expenses 

169,097

186,748

516,880

555,657

Research and development expenses 

45,336

41,995

136,113

130,559

Purchased intangibles amortization 

11,759

12,116

35,337

20,410

Litigation provision

1,326

–

11,568

–

Operating income 

211,132

179,426

534,090

553,453

Other (expense) income, net

(338)

328

1,619

1,364

Interest expense, net

(17,177)

(26,559)

(57,824)

(56,174)

Income from operations before income taxes

193,617

153,195

477,885

498,643

Provision for income taxes

32,114

18,643

71,449

72,614

Net income

$               161,503

$               134,552

$               406,436

$               426,029

Net income per basic common share

$                     2.72

$                     2.28

$                     6.85

$                     7.21

Weighted-average number of basic common shares

59,367

59,093

59,314

59,061

Net income per diluted common share

$                     2.71

$                     2.27

$                     6.83

$                     7.19

Weighted-average number of diluted common shares and equivalents

59,504

59,255

59,471

59,262

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Three Months Ended September 28, 2024 and September 30, 2023

(In thousands)

Constant

Three Months Ended

Percent

Impact of

Currency

September 28, 2024

September 30, 2023

Change

Currency

Growth Rate (a)

NET SALES – OPERATING SEGMENTS

Waters

$

655,652

$

629,348

4 %

0 %

4 %

TA

84,653

82,344

3 %

1 %

2 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

NET SALES – PRODUCTS & SERVICES

Instruments

$

323,076

$

319,431

1 %

0 %

1 %

Service

278,294

263,611

6 %

0 %

6 %

Chemistry

138,935

128,650

8 %

0 %

8 %

Total Recurring

417,229

392,261

6 %

(1 %)

7 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

NET SALES – GEOGRAPHY

Asia

$

251,329

$

238,228

5 %

(1 %)

6 %

Americas

279,136

275,479

1 %

0 %

1 %

Europe

209,840

197,985

6 %

2 %

4 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

NET SALES – MARKETS

Pharmaceutical

$

430,138

$

421,535

2 %

(1 %)

3 %

Industrial

227,740

209,449

9 %

2 %

7 %

Academic & Government

82,427

80,708

2 %

2 %

0 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

(a)

The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands)

Organic 

Constant

Nine Months Ended

Percent

Impact of

Impact of

Currency

September 28, 2024

September 30, 2023

Change

Currency

Acquisitions

Growth Rate (a)

NET SALES – OPERATING SEGMENTS

Waters

$

1,840,112

$

1,884,658

(2 %)

(1 %)

2 %

(3 %)

TA

245,561

252,284

(3 %)

(1 %)

0 %

(2 %)

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – PRODUCTS & SERVICES

Instruments

$

859,079

$

964,380

(11 %)

0 %

3 %

(14 %)

Service

812,367

774,478

5 %

(1 %)

1 %

5 %

Chemistry

414,227

398,084

4 %

(1 %)

0 %

5 %

Total Recurring

1,226,594

1,172,562

5 %

(1 %)

1 %

5 %

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – GEOGRAPHY

Asia

$

696,319

$

745,932

(7 %)

(3 %)

1 %

(5 %)

Americas

794,775

804,827

(1 %)

0 %

3 %

(4 %)

Europe

594,579

586,183

1 %

2 %

2 %

(3 %)

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – MARKETS

Pharmaceutical

$

1,220,092

$

1,233,177

(1 %)

(1 %)

2 %

(2 %)

Industrial

644,459

648,754

(1 %)

0 %

1 %

(2 %)

Academic & Government

221,122

255,011

(13 %)

1 %

2 %

(16 %)

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

(a)

The Company believes that referring to comparable organic constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Organic constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. See description of non-GAAP financial measures contained in this release.

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

Three and Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands, except per share data)

Income from

Operations

Selling &

Research &

Operating

Other

before

Provision for

Diluted

Administrative

Development

Operating

Income

(Expense)

Income

Income

Net

Earnings

Expenses(a)

Expenses

Income

Percentage

Income

Taxes

Taxes

Income

per Share

Three Months Ended September 28, 2024

GAAP

$

182,182

$

45,336

$

211,132

28.5 %

$

(338)

$

193,617

$

32,114

$

161,503

$

2.71

Adjustments:

Purchased intangibles amortization (b)

(11,759)

–

11,759

1.6 %

–

11,759

2,814

8,945

0.15

Litigation provision (c)

(1,326)

–

1,326

0.2 %

–

1,326

318

1,008

0.02

Restructuring costs and certain other items (d)

(1,194)

–

1,194

0.2 %

–

1,194

282

912

0.02

Retention bonus obligation (f)

(1,909)

(636)

2,545

0.3 %

–

2,545

611

1,934

0.03

Adjusted Non-GAAP

$

165,994

$

44,700

$

227,956

30.8 %

$

(338)

$

210,441

$

36,139

$

174,302

$

2.93

Three Months Ended September 30, 2023

GAAP

$

198,864

$

41,995

$

179,426

25.2 %

$

328

$

153,195

$

18,643

$

134,552

$

2.27

Adjustments:

Purchased intangibles amortization (b)

(12,116)

–

12,116

1.7 %

–

12,116

2,901

9,215

0.16

Restructuring costs and certain other items (d)

(24,057)

–

24,057

3.4 %

(651)

23,406

5,387

18,019

0.30

Acquisition related costs (e)

(1,263)

–

1,263

0.2 %

–

1,263

303

960

0.02

Retention bonus obligation (f)

(5,725)

(1,909)

7,634

1.1 %

–

7,634

1,832

5,802

0.10

Adjusted Non-GAAP

$

155,703

$

40,086

$

224,496

31.5 %

$

(323)

$

197,614

$

29,066

$

168,548

$

2.84

Nine Months Ended September 28, 2024

GAAP

$

563,785

$

136,113

$

534,090

25.6 %

$

1,619

$

477,885

$

71,449

$

406,436

$

6.83

Adjustments:

Purchased intangibles amortization (b)

(35,337)

–

35,337

1.7 %

–

35,337

8,456

26,881

0.45

Litigation provision and settlement (c)

(11,568)

–

11,568

0.6 %

–

11,568

2,776

8,792

0.15

Restructuring costs and certain other items (d)

(10,680)

–

10,680

0.5 %

–

10,680

2,617

8,063

0.14

Retention bonus obligation (f)

(11,451)

(3,817)

15,268

0.7 %

–

15,268

3,664

11,604

0.20

Adjusted Non-GAAP

$

494,749

$

132,296

$

606,943

29.1 %

$

1,619

$

550,738

$

88,962

$

461,776

$

7.76

Nine Months Ended September 30, 2023

GAAP

$

576,067

$

130,559

$

553,453

25.9 %

$

1,364

$

498,643

$

72,614

$

426,029

$

7.19

Adjustments:

Purchased intangibles amortization (b)

(20,410)

–

20,410

1.0 %

–

20,410

4,852

15,558

0.26

Restructuring costs and certain other items (d)

(28,881)

–

28,881

1.4 %

(651)

28,230

6,860

21,370

0.36

Acquisition related costs (e)

(13,298)

–

13,298

0.6 %

–

13,298

3,191

10,107

0.17

Retention bonus obligation (f)

(8,368)

(2,790)

11,158

0.5 %

–

11,158

2,678

8,480

0.14

Adjusted Non-GAAP

$

505,110

$

127,769

$

627,200

29.4 %

$

713

$

571,739

$

90,195

$

481,544

$

8.13

________________________________

(a)

Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements.

(b)

The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.

(c)

Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

(d)

Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.

(e)

Acquisition related costs include all incremental expenses incurred, such as advisory, legal, accounting, tax, valuation, and other professional fees. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(f)

In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

 

Waters Corporation and Subsidiaries

Preliminary Condensed Unclassified Consolidated Balance Sheets

(In thousands and unaudited)

September 28, 2024

December 31, 2023

Cash, cash equivalents and investments

$                331,458

$                395,974

Accounts receivable

669,534

702,168

Inventories

518,994

516,236

Property, plant and equipment, net

642,627

639,073

Intangible assets, net

591,883

629,187

Goodwill

1,306,593

1,305,446

Other assets

450,531

438,770

   Total assets

$             4,511,620

$             4,626,854

Notes payable and debt

$             1,826,248

$             2,355,513

Other liabilities

1,082,273

1,121,000

   Total liabilities

2,908,521

3,476,513

Total stockholders’ equity

1,603,099

1,150,341

   Total liabilities and stockholders’ equity

$             4,511,620

$             4,626,854

 

Waters Corporation and Subsidiaries

Preliminary Condensed Consolidated Statements of Cash Flows

Three and Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands and unaudited)

Three Months Ended

Nine Months Ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Cash flows from operating activities:

Net income

$                     161,503

$                   134,552

$                   406,436

$                   426,029

Adjustments to reconcile net income to net

cash provided by operating activities:

Stock-based compensation

10,647

8,490

32,993

32,224

Depreciation and amortization

47,507

47,807

143,250

117,845

Change in operating assets and liabilities and other, net

(15,077)

(33,031)

(60,695)

(203,411)

Net cash provided by operating activities

204,580

157,818

521,984

372,687

Cash flows from investing activities:

Additions to property, plant, equipment

and software capitalization

(25,618)

(38,047)

(90,377)

(119,044)

Business acquisitions, net of cash acquired

–

–

–

(1,285,907)

(Investments in) proceeds from unaffiliated companies

(425)

651

(1,489)

651

Net change in investments

(8)

(5)

(44)

(21)

Net cash used in investing activities

(26,051)

(37,401)

(91,910)

(1,404,321)

Cash flows from financing activities:

Net change in debt

(180,000)

(125,181)

(530,000)

929,601

Proceeds from stock plans

3,237

9,464

25,073

18,092

Purchases of treasury shares

(141)

(692)

(13,475)

(70,433)

Other cash flow from financing activities, net

20

2,884

15,305

8,178

Net cash used in financing activities

(176,884)

(113,525)

(503,097)

885,438

Effect of exchange rate changes on cash and cash equivalents

2,442

(171)

8,461

2,081

Increase (decrease) in cash and cash equivalents

4,087

6,721

(64,562)

(144,115)

Cash and cash equivalents at beginning of period

326,427

329,693

395,076

480,529

Cash and cash equivalents at end of period

$                     330,514

$                   336,414

$                   330,514

$                   336,414

Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)

Net cash provided by operating activities – GAAP

$                     204,580

$                   157,818

$                   521,984

$                   372,687

Adjustments:

Additions to property, plant, equipment

and software capitalization

(25,618)

(38,047)

(90,377)

(119,044)

Tax reform payments

–

–

95,645

72,101

Litigation settlements (received) paid, net

–

(375)

9,250

(1,125)

Major facility renovations

–

3,291

–

12,151

Payment of acquired Wyatt liabilities (b)

–

–

–

25,617

Payment of Wyatt retention bonus obligation (c)

–

–

19,770

–

Free Cash Flow – Adjusted Non-GAAP

$                     178,962

$                   122,687

$                   556,272

$                   362,387

(a)

The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.

(b)

In connection with the Wyatt acquisition, the Company assumed certain obligations of Wyatt and paid those obligations immediately upon closing the transaction. The Company believes that the assumed obligations do not represent future ongoing business expenses.

(c)

During the nine months ended September 28, 2024, the Company made its first retention payment under the Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.

 

Waters Corporation and Subsidiaries

Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook

Twelve Months Ended

Three Months Ended

December 31, 2024

December 31, 2024

Range

Range

Projected Sales

Organic constant currency sales growth rate (a)

(0.9 %)

–

(0.3 %)

5.0 %

–

7.0 %

Impact of:

Currency translation

(1.2 %)

–

(1.2 %)

(1.7 %)

–

(1.7 %)

Acquisitions

1.3 %

–

1.3 %

‒

–

‒

Sales growth rate as reported

(0.8 %)

–

(0.2 %)

3.3 %

–

5.3 %

Range

Range

Projected Earnings Per Diluted Share

GAAP earnings per diluted share

$    10.55

–

$    10.75

$      3.72

–

$      3.92

Adjustments:

Purchased intangibles amortization 

$      0.60

–

$      0.60

$      0.15

–

$      0.15

Litigation settlement

$      0.15

–

$      0.15

$            –

–

$            –

Restructuring costs and certain other items 

$      0.14

–

$      0.14

$            –

–

$            –

Retention bonus obligation

$      0.23

–

$      0.23

$      0.03

–

$      0.03

Adjusted non-GAAP earnings per diluted share

$    11.67

–

$    11.87

$      3.90

–

$      4.10

(a) Organic constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results.

These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

 

Contact:    Caspar Tudor, Head of Investor Relations – (508) 482-2429

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SOURCE Waters Corporation

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Truth-seeking: the Turning Point in Zunyi

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BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:

 

Wang Xiaohui:

When you march toward your ideals but encounter repeated setbacks and failures, do you have the courage to pause, reflect on the path taken, and chart a new way forward?

David Ferguson:

If I continually encountered setbacks on the road to my ideals, I would stop and reflect seriously on whether my methods need adjusted or my direction needs corrected. This is a matter of being honest with oneself and honest about one’s shortcomings. Granted, this requires as much courage as setting out in the first place — because what you have to confront is not only the judgment of others, but your own ingrained reluctance to accept that you might have got it wrong.

Wang Xiaohui:

The waters of the Xiangjiang River ran crimson in the winter of 1934.

To cover the Red Army’s main force as they crossed the river, Chen Shuxiang, then Commander of the 34th Division of the Fifth Army Corps, led his troops to fight against vastly superior enemy forces until they ran out of ammunition and supplies. Severely wounded, Chen was captured alive. On the way to the enemy camp to be paraded for merit, Chen seized a moment of the enemy’s unawareness, tore his own intestines through his abdominal wound, and died a heroic death. He was only 29 years old.

The Battle of Xiangjiang River was the deadliest campaign for the Red Army since the start of the Long March. In less than two months, their troop strength plummeted from over 86,000 to just over 30,000.

At that critical moment, doubts and discontent among officers and soldiers with the military leadership peaked.

During the fights against the previous four Kuomintang (KMT) “encirclement” campaigns, the Red Army adopted Mao Zedong’s strategy of “luring the enemy in deep.” With flexible tactics in mobile warfare, the Red Army worked miracles of defeating superior enemies time and again. Yet, the tide turned completely during the KMT’s fifth “encirclement.”

At that time, the CPC was a branch of the Communist International (Comintern). After 1927, the Comintern instructed the CPC to adopt an urban-centered path in its revolution, for it was how Russia’s October Revolution had achieved victory. Affected by this directive, during the Fifth Counter-Campaign against “Encirclement and Suppression”, Bo Gu and Otto Braun, who held actual command of the Red Army, insisted on launching offensive operations to seize major cities.

Otto Braun also mechanically applied European conventional warfare tactics, forcing the Red Army into rigid positional and fortress battles. In the Battle of Guangchang, the poorly equipped Red Army fought head-on against enemy tanks and artillery on open terrain, resulting in more than 5,000 casualties, about one-fourth of all participating troops.

Successive military defeats forced the Red Army to launch a strategic shift. However, Bo Gu and Otto Braun insisted that everything be evacuated, including heavy equipment: printing presses, currency-making machines, and arms-manufacturing facilities… When crossing the Xiangjiang River, troops were slowed down by these cumbersome supplies, and numerous soldiers even laid down their lives for protecting these assets. Chen Shuxiang and his 34th Division wrote the gravest footnote to this bloody sacrifice.

By the banks of the Xiangjiang River, the spark of hope in the eyes of the Red Army soldiers was nearly quenched by the cold water. Could the rigid foreign doctrines truly guide the Red Army and China’s revolution? What path lay ahead?

History often unfolds in paradoxes: when all hope seems lost, a historical turning point is quietly emerging.

After the Battle of Xiangjiang River, Mao firmly opposed the original plan drafted by Bo Gu and Otto Braun to march towards Hunan. Instead, he proposed to advance to Guizhou where enemy defenses were weak. There, the Red Army broke through the natural barrier of the Wujiang River, and captured Zunyi. On Jan. 15, 1935, the CPC Central Committee convened an enlarged Political Bureau meeting in an old mansion, later known to the world as the Zunyi Conference.

Inside the modest living room on the second floor, a charcoal brazier expelled the winter chill. The CPC leadership sat around a long table to review why the Red Army had fallen into passive positions since 1933. Bo Gu attributed the defeats solely to the enemy’s overwhelming strength, while other leading officials like Zhou Enlai and Zhang Wentian pinpointed flawed military command as the fundamental cause.

Mao Zedong also made a pivotal speech.

As a revolutionary forged in rural base-area practice, Mao always sought truth from real combat experience. Citing victories from the previous four counter-“encirclement” campaigns, he rebutted Bo Gu’s opinions and criticized the flawed strategies of passive defense and abandoning mobile warfare tactics. In plain, incisive language, he pointed out that “the soldiers also needed to march, eat and sleep,” and that Braun’s rigid commands were completely divorced from the realities of China’s revolutionary warfare. 

Throughout the whole meeting, Bo Gu remained dejected; Braun sat near the door and lit one cigarette after another. Never had these “true Bolsheviks” faced such rigorous criticism before.

The intensive confrontation lasted three days. In the end, Mao Zedong was elected to the leadership of the Red Army and the CPC Central Committee, putting an end to the wrong guidance. This marked a life-and-death turning point in the history of the Communist Party of China.

The Zunyi Conference freed the CPC from the Comintern’s intervention, enabling the Party to independently master the destiny of China’s revolution. From then on, the Red Army turned peril into safety, and China’s revolution emerged from despair toward new life.

David Ferguson:

When faced with major setbacks, the Communist Party of China was not crushed; instead, it demonstrated the courage to confront and correct its own mistakes, thereby turning adversity into opportunity. For any ruling party, this kind of courage is exceptionally rare.

Throughout history, guided by the principle of seeking truth from facts, the Party has always corrected errors, updated systems and adjusted course. By doing so, it has guaranteed social progress. This is precisely the secret to success that has made the Party resilient and invincible.

Wang Xiaohui:

No grand undertaking advances without setbacks. Faced with obstacles and defeats, the CPC demonstrated extraordinary courage and wisdom. They sought truth from facts, corrected wrong courses, and led the revolution towards triumph.

The Zunyi Conference Spirit, embodied in firm conviction, adherence to truth, independence and self-reliance, solidarity and unity, was forged amid blood and fire. It has shaped the unique spiritual character of the CPC. In the years that followed, these timeless values continued to evolve and sustain the Party in the face of trials and challenges, endowing it with enduring vitality.

China Mosaic 
http://www.china.org.cn/video/node_7230027.htm

Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/17/content_118737624.shtml

 

 

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SOURCE China.org.cn

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Truth-seeking: the Turning Point in Zunyi

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By

BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:

 

Wang Xiaohui:

When you march toward your ideals but encounter repeated setbacks and failures, do you have the courage to pause, reflect on the path taken, and chart a new way forward?

David Ferguson:

If I continually encountered setbacks on the road to my ideals, I would stop and reflect seriously on whether my methods need adjusted or my direction needs corrected. This is a matter of being honest with oneself and honest about one’s shortcomings. Granted, this requires as much courage as setting out in the first place — because what you have to confront is not only the judgment of others, but your own ingrained reluctance to accept that you might have got it wrong.

Wang Xiaohui:

The waters of the Xiangjiang River ran crimson in the winter of 1934.

To cover the Red Army’s main force as they crossed the river, Chen Shuxiang, then Commander of the 34th Division of the Fifth Army Corps, led his troops to fight against vastly superior enemy forces until they ran out of ammunition and supplies. Severely wounded, Chen was captured alive. On the way to the enemy camp to be paraded for merit, Chen seized a moment of the enemy’s unawareness, tore his own intestines through his abdominal wound, and died a heroic death. He was only 29 years old.

The Battle of Xiangjiang River was the deadliest campaign for the Red Army since the start of the Long March. In less than two months, their troop strength plummeted from over 86,000 to just over 30,000.

At that critical moment, doubts and discontent among officers and soldiers with the military leadership peaked.

During the fights against the previous four Kuomintang (KMT) “encirclement” campaigns, the Red Army adopted Mao Zedong’s strategy of “luring the enemy in deep.” With flexible tactics in mobile warfare, the Red Army worked miracles of defeating superior enemies time and again. Yet, the tide turned completely during the KMT’s fifth “encirclement.”

At that time, the CPC was a branch of the Communist International (Comintern). After 1927, the Comintern instructed the CPC to adopt an urban-centered path in its revolution, for it was how Russia’s October Revolution had achieved victory. Affected by this directive, during the Fifth Counter-Campaign against “Encirclement and Suppression”, Bo Gu and Otto Braun, who held actual command of the Red Army, insisted on launching offensive operations to seize major cities.

Otto Braun also mechanically applied European conventional warfare tactics, forcing the Red Army into rigid positional and fortress battles. In the Battle of Guangchang, the poorly equipped Red Army fought head-on against enemy tanks and artillery on open terrain, resulting in more than 5,000 casualties, about one-fourth of all participating troops.

Successive military defeats forced the Red Army to launch a strategic shift. However, Bo Gu and Otto Braun insisted that everything be evacuated, including heavy equipment: printing presses, currency-making machines, and arms-manufacturing facilities… When crossing the Xiangjiang River, troops were slowed down by these cumbersome supplies, and numerous soldiers even laid down their lives for protecting these assets. Chen Shuxiang and his 34th Division wrote the gravest footnote to this bloody sacrifice.

By the banks of the Xiangjiang River, the spark of hope in the eyes of the Red Army soldiers was nearly quenched by the cold water. Could the rigid foreign doctrines truly guide the Red Army and China’s revolution? What path lay ahead?

History often unfolds in paradoxes: when all hope seems lost, a historical turning point is quietly emerging.

After the Battle of Xiangjiang River, Mao firmly opposed the original plan drafted by Bo Gu and Otto Braun to march towards Hunan. Instead, he proposed to advance to Guizhou where enemy defenses were weak. There, the Red Army broke through the natural barrier of the Wujiang River, and captured Zunyi. On Jan. 15, 1935, the CPC Central Committee convened an enlarged Political Bureau meeting in an old mansion, later known to the world as the Zunyi Conference.

Inside the modest living room on the second floor, a charcoal brazier expelled the winter chill. The CPC leadership sat around a long table to review why the Red Army had fallen into passive positions since 1933. Bo Gu attributed the defeats solely to the enemy’s overwhelming strength, while other leading officials like Zhou Enlai and Zhang Wentian pinpointed flawed military command as the fundamental cause.

Mao Zedong also made a pivotal speech.

As a revolutionary forged in rural base-area practice, Mao always sought truth from real combat experience. Citing victories from the previous four counter-“encirclement” campaigns, he rebutted Bo Gu’s opinions and criticized the flawed strategies of passive defense and abandoning mobile warfare tactics. In plain, incisive language, he pointed out that “the soldiers also needed to march, eat and sleep,” and that Braun’s rigid commands were completely divorced from the realities of China’s revolutionary warfare. 

Throughout the whole meeting, Bo Gu remained dejected; Braun sat near the door and lit one cigarette after another. Never had these “true Bolsheviks” faced such rigorous criticism before.

The intensive confrontation lasted three days. In the end, Mao Zedong was elected to the leadership of the Red Army and the CPC Central Committee, putting an end to the wrong guidance. This marked a life-and-death turning point in the history of the Communist Party of China.

The Zunyi Conference freed the CPC from the Comintern’s intervention, enabling the Party to independently master the destiny of China’s revolution. From then on, the Red Army turned peril into safety, and China’s revolution emerged from despair toward new life.

David Ferguson:

When faced with major setbacks, the Communist Party of China was not crushed; instead, it demonstrated the courage to confront and correct its own mistakes, thereby turning adversity into opportunity. For any ruling party, this kind of courage is exceptionally rare.

Throughout history, guided by the principle of seeking truth from facts, the Party has always corrected errors, updated systems and adjusted course. By doing so, it has guaranteed social progress. This is precisely the secret to success that has made the Party resilient and invincible.

Wang Xiaohui:

No grand undertaking advances without setbacks. Faced with obstacles and defeats, the CPC demonstrated extraordinary courage and wisdom. They sought truth from facts, corrected wrong courses, and led the revolution towards triumph.

The Zunyi Conference Spirit, embodied in firm conviction, adherence to truth, independence and self-reliance, solidarity and unity, was forged amid blood and fire. It has shaped the unique spiritual character of the CPC. In the years that followed, these timeless values continued to evolve and sustain the Party in the face of trials and challenges, endowing it with enduring vitality.

China Mosaic 
http://www.china.org.cn/video/node_7230027.htm

Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/17/content_118737624.shtml

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/truth-seeking-the-turning-point-in-zunyi-302912139.html

SOURCE China.org.cn

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GMIF2026: AI Inference Powers the “Token Factory” and Drives System-Level Rethinking of Memory & Storage

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SHENZHEN, China, Oct. 18, 2026 /PRNewswire/ — The 5th GMIF Innovation Summit (Global Memory Innovation Forum 2026, GMIF2026) recently concluded at the Renaissance Shenzhen Bay Hotel. Co-hosted by the Shenzhen Memory Industry Association (SMIA) and the School of Integrated Circuits at Peking University, the summit was themed “The Future Built on AI Memory and Storage.” Now in its fifth edition, GMIF has grown from a regional industry gathering into a benchmark for the global semiconductor memory ecosystem, with diversified programs including keynote sessions, an investment forum, product exhibitions, a global livestream, and a golf friendship match, all centered on the value of memory and storage in the token economy and the AI inference era.

In the opening remarks by Rixin Sun, President of Shenzhen Memory Industry Association (SMIA), GMIF’s growth over five consecutive editions was traced from its early days to today. As a platform for global exchange, GMIF is built around the memory value chain, linking wafer IDMs and players in controllers, modules, packaging and testing, equipment and materials, and end applications to promote technical exchange, supply-demand matching, and ecosystem cooperation.

President Sun noted that as AI evolves from generative to agentic, inference efficiency, data scheduling, and system coordination have become shared priorities. Collaboration across the value chain is no longer a traditional supply-demand relationship, but a deeper partnership built around workload requirements, joint product definition, and scenario validation. Looking ahead, GMIF will pursue a more specialized and differentiated format, connecting memory companies with AI compute and end-application players worldwide.

Capital Meets Technology: Memory & Storage Moves to the Center of AI Infrastructure

As AI shifts from model training to large-scale commercial inference, the token is becoming a new unit of value. Inference demands low latency, high concurrency, and sustained throughput, which places memory and storage bandwidth, capacity, and energy efficiency among the variables that shape overall system efficiency and cost.

Daniel Yen of Morgan Stanley projected that global data center capital expenditure will stay strong in the coming years, with more than half of cloud data center capex expected to go to memory & storage (excluding HBM) by 2027. Yen identified six innovation paths to overcome the “memory wall” challenge: process migration, design changes, advanced packaging, memory peripherals, PIM/CIM, and new materials.

Prof. Yimao Cai, Dean of the School of Integrated Circuits at Peking University, pointed out that HBM remains central to high-end AI compute, but yield, cost, and thermal constraints limit broader adoption. NAND-based high-bandwidth technologies such as HBF have become a major research focus because of their cost advantage, and hybrid multi-media architectures could balance performance, capacity, and cost for deploying models with hundreds of billions of parameters.

Kevin Yoon, CVP & CTO of Samsung Memory China at Samsung Electronics, described how agents are generating massive KV cache demand and driving rapid iteration of tiered storage, citing Samsung’s work on Z-NAND, PCIe Gen6 SSDs, and ultra-high-capacity data center SSDs. Maya Zhang, Senior Director of Product Marketing from Sandisk, called this the first year of the “inference boom.” As inference reaches commercial scale, AI data centers are shifting from cost centers to value and capacity centers, and the evaluation framework is moving from TCO to TVO. NAND is becoming a strategic core component of AI, and the SSD is becoming a “token battery” that greatly improves the economics of the industry through token reuse.

Solidigm and Arm focused on the evolution of system-level design. Benny Ni, GAR Sales VP at Solidigm, noted high-capacity QLC SSDs are being adopted faster, and that memory offloading has moved from an alternative to a core design paradigm for data centers, while liquid cooling has become a prerequisite for unlocking high-end storage performance. John Xavier Lionel, Head of Global Storage Business at Arm, shared competition in the AI era is shifting from simply chasing higher TOPS to building a more efficient system balance among compute, memory, storage, and data movement. Arm’s cloud-edge-device continuum framework balances power, capacity, bandwidth, latency, security, and cost constraints at each tier, so that “the right AI workload runs in the right place.”

Moving from the cloud to the edge, Stanley Huang, AVP of Silicon Motion, stressed that devices are the ultimate carrier of AI experiences and that intelligent storage directly determines real-world device performance. Its PerformaShape technology allocates resources flexibly across different agents and greatly improves read/write consistency.

Sam Sun, Chairman of BIWIN, explained that large-scale AI inference is extending memory demand from data centers to the edge and endpoints, where differing needs in capacity, performance, power, size, and reliability are pushing storage from general-purpose specifications toward deep matching with specific scenarios and platforms. Drawing on full-stack capabilities from media selection and controller and firmware development to advanced packaging, testing, and volume delivery, BIWIN works closely with customers, platforms, and chip makers to tailor products to each use case, shortening development and validation cycles and improving system space, energy efficiency, and performance.

Token Factories Move Enterprise AI from Pilot to Production

As the token becomes the core unit of value, producing tokens efficiently and at low cost has become a shared challenge for enterprise AI adoption worldwide, and the “token factory” is emerging as a new industry paradigm. Tao Zhou, General Manager of the Server Division of Lenovo ISG China, said 80% of enterprises have deployed at least one type of agent, yet fewer than 40% of projects can scale and deliver positive ROI. Lenovo has built a full-stack “token factory” paradigm spanning data governance, compute optimization, and security management to address this.

A solid token factory depends on underlying storage media and architecture. Numbers Law’s PMD (Parallel Magnetic Drive) technology and NEXWISE‘s “KuberCloud” token factory solution contributed to full-stack capability from hardware to compute scheduling and model operations. Infplane, Maxio, and Genstoraige lowered the deployment threshold for large on-device models through AI SSD tiered offloading and memory expansion.

Real-world applications are also deepening. SYNCORE has achieved vehicle-cloud embodied intelligence across the whole vehicle. Dify, with its private agent architecture, and Paratera, with its MaaS compute service platform, are moving AI from basic compute supply toward deeper industry intelligence services, accelerating the industrialization of AI.

40 Companies Showcase the Core of the AI Memory & Storage Chain

The concurrent exhibition brought together 40 companies across the full value chain, from memory chips and controllers to compute servers, AIDC services, packaging and testing equipment, and system applications, presenting the latest advances in AI memory and storage from around the world.

Memory IDMs and controller makers led with new products. SanDisk featured its iNAND AT EU752 automotive UFS 4.1, SN861 enterprise NVMe SSD, and BiCS8 QLC NAND. Silicon Motion introduced the SM8466 PCIe Gen6 16-channel controller and the SM2524XT controller for edge SSDs. Maxio, YEESTOR, and other Chinese controller makers showed flagship PCIe Gen4/Gen5 and UFS controllers with enhanced LDPC, a sign that China’s controller portfolio is taking shape and benchmarking itself against leading international standards.

Compute and token factory solutions were another highlight. Lenovo exhibited its WenTian series of AI training-and-inference integrated servers. NEXWISE presented its full-stack token factory hardware and software, with heterogeneous compute management and token-based billing. Paratera showed its intelligent compute cloud and supercomputing cloud services, and Numbers Law demonstrated its PMD (Parallel Magnetic Drive) technology, aimed at sharply raising HDD IOPS and throughput. Infplane, Genstoraige, and Quanxing introduced KV cache offload and memory-fusion AI SSD solutions that use storage to share the compute load and significantly cut deployment costs.

Module makers and full-scenario solution providers brought a wide range of products. BIWIN exhibited enterprise SSDs, CXL products, wide-temperature industrial storage, and embedded products spanning AI cloud, edge, and device. KingSpec, POWEV, Topdisk, Barycn, Jielong Storage, HIKSEMI, and others presented industrial-grade, automotive-grade, server, and embedded product families, demonstrating strong volume production and reliable delivery.

Equipment, testing, and materials suppliers rounded out the floor. Attach Point, MICROVIEW, and Maxwell Technologies showed die attach and bonding equipment for 2.5D/3D advanced packaging. OKN Technology, Acroview Technology, Hongjingwei, and Tytantest introduced test and burn-in systems covering SSD, DRAM, and NAND that can accurately reproduce high-load AI I/O scenarios. Hemei Jingyi and Silergy brought storage IC package substrates and dedicated power management ICs. From advanced packaging equipment to test validation to core components, this supporting ecosystem lays the manufacturing foundation for volume production of AI memory and storage and for Chinese suppliers expanding overseas.

GMIF2026 Annual Awards Unveiled: Global Memory & Storage Leaders Build an Open, Collaborative Ecosystem

To recognize companies that have made outstanding contributions to the memory and storage value chain, the summit established the GMIF2026 Annual Awards, which cover memory, compute, packaging and testing equipment, test systems, and end applications across AI infrastructure, and were judged on technological innovation, industry contribution, market service, and real-world results.

Honorees, including Samsung Semiconductor, SanDisk, Solidigm, CXMT, Arm, Lenovo, Dify, Silicon Motion, Infplane, Genstoraige, Numbers Law, Paratera, SYNCORE, NEXWISE, Maxio Technology, BIWIN, Topdisk, KingSpec, POWEV, Quanxing Technology, OKN Technology, Attach Point, COMIX, Barycn, LKAUTO, Maxwell Technologies, Hemei Jingyi, Silergy, Heyan Technology, ExTripod Electronics, UNIMOS, GBAT, and Tytantest, were recognized for standout achievements in technology breakthroughs, product deployment, ecosystem building, and the industry chain.

Global Livestream and Golf Friendship Match Extend the Boundaries of Industry Cooperation

To join the global ecosystem and expand international cooperation, the summit featured a special Global Livestream by Memory Brands on LinkedIn, Facebook, and YouTube. Eight brands presented online: BIWIN, Silicon Motion, Quanxing Technology, OKN Technology, KingSpec, Maxwell Technologies, ExTripod Electronics, and Silergy. They gave overseas audiences a direct look at China’s latest advances in memory chips, advanced packaging, test systems, and other core AI infrastructure components, connecting technology standards, supply chain resources, and market demand across regions.

The momentum carried into the next day. The GMIF2026 “BIWIN Cup” golf friendship match, exclusively sponsored by BIWIN, brought senior executives from across the global memory value chain to the course. After a day of intensive discussion at the main forum, the setting was more relaxed, but the conversations among technology, capital, and markets carried on, helping speed practical cooperation across borders and sectors.

Conclusion

Across the GMIF program, one message stood out: global AI competition is moving beyond the “single-point era” of peak GPU performance into a “system-level era” that integrates storage, compute, networking, and software. In the token economy, memory and storage is shedding its auxiliary role and becoming the strategic foundation of AI inference.

This edition of GMIF brought together capital outlook, frontier technology, product innovation, real-world practice, and ecosystem collaboration, and, with the awards, livestream, and networking events, carried the conversation from ideas to product showcases, overseas exposure, and business deals. Going forward, GMIF will stay focused on the industry’s frontier issues and connect key players across the global memory value chain, promoting joint standards, technology development, and market expansion to open a new chapter for the AI memory and storage industry.

About GMIF

Global Memory Innovation Forum (GMIF) is a premier annual gathering that connects the global memory and storage community. Featuring diverse activities including keynote speeches, roundtable dialogues, supply-demand match-making, product showcases, industry rankings, awards programs, and global livestreaming, GMIF brings together key enterprises across the memory and storage chain, technical experts, terminal companies and investment institutions to exchange insights, build partnerships, and create business opportunities. Learn more about GMIF, please visit https://www.gmif.com.cn/. Follow us on LinkedIn, YouTube and Facebook.

Media Contact:
Carina Gu, wenjing.gu@gmif.com.cn

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SOURCE Shenzhen Memory Industry Association (SMIA)

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