Technology
Tungray Technologies Inc Reports Unaudited 2024 First Half Financial Results
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2 years agoon
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SINGAPORE, Dec. 31, 2024 /PRNewswire/ — Tungray Technologies Inc (“Tungray” or the “Company”), a global Engineer-to-Order (ETO) company, today reported its unaudited financial results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights
Total revenues for the six months ended June 30, 2024 increased by 1.5% to $5.4 million, compared to $5.3 million in the same period of 2023.Gross margin for the six months ended June 30, 2024 was 46.7%, compared to 53.5% for the same period in 2023.Operating loss for the six months ended June 30, 2024, was $0.9 million, compared to an operating income of $0.1 million for the same period in 2023.Net loss for the six months ended June 30, 2024, was $0.8 million, compared to net income of $0.2 million for the same period in 2023.
Recent Developments and Strategic Highlights:
Cost-Cutting Measures:
The Company has implemented targeted cost control actions aimed at reducing expenses, enhancing operational efficiency, and renegotiating supplier contracts.
These actions include:
Identifying and utilizing high-trade volume suppliers.Leveraging volume to negotiate favorable rates for common-use components.
Revenue Enhancement:
To drive sales growth, the Company is exploring potential horizontal strategic partnerships to access new, high-value capabilities.
These initiatives include:
Introducing new lines of business through potential partnerships with existing companies.Utilizing the “market-for-tech” model to leverage Singapore’s hub position for regional business expansion.Exploring technologies and services such as metal 3D printing for precision engineering, standardized manufacturing of medical components, and contract repair work for aviation components, such as aircraft engine fan blades and turbines.Enhancing sales and market penetration by hiring a dedicated business-focused market and sales manager. This initiative will focus on:Increasing market penetration of non-printer related markets in the Southeast Asia (SEA) region.Focusing primarily on the semiconductor, automotive and non-printer related consumer product sectors.
Restatement of Previously Issued Financial Statements
During the course of preparing the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, the Company identified misstatements in its previously issued consolidated financial statements for the six months ended June 30, 2023 as below, and as a result the Company has restated the previously issued consolidated financial statements for the six months ended June 30, 2023 in accordance with ASC 250 Accounting Changes and Error Corrections, to reflect the effects of the restatement adjustments and to make certain corresponding disclosures.
The categories of adjustments and their impacts on previously issued financial statements are described below and identified in the column entitled “Reference”:
a. The Company failed to record the correct income tax expense, taxes payable and retained earnings due to improper identification of non-deductible expenses which were not detected because of not performing a reconciliation between the financial statements and tax return. Such failure has resulted in the misstatements of “Income tax expense”, “Net income attributable to Tungray Technologies Inc”, and “Foreign currency translation adjustment” for the six months ended June 30, 2023. The impact to the accumulated other comprehensive loss and foreign currency translation adjustment was a result of the foreign currency translation difference to the misstatement.
b. The Company failed to take the purchase option into consideration for the finance lease and used the incorrect useful life for the assets amortization. Such failure has resulted in the misstatement of “Cost of revenue”, “Net income attributable to Tungray Technologies Inc” and “Foreign currency translation adjustment” for the six months ended June 30, 2023. The impact to the accumulated other comprehensive loss and foreign currency translation adjustment was a result of the foreign currency translation difference to the misstatement.
The effects of restatement adjustments to the line items are as below:
For the six months ended June 30,
2023
As previously
reported
Adjustment
Reference
As restated
Cost of revenues
$
2,480,629
$
12,590
b
$
2,493,219
Income tax expense
(88,638)
(16,853)
a
(105,491)
Foreign currency translation adjustment
(305,719)
12,507
a, b
(293,212)
Management Commentary
Mr. Wanjun Yao, Chairman and Chief Executive Officer of Tungray, commented, “This year, we faced challenges that impacted our year-over-year performance, particularly in revenue growth and profit margins. To remain viable amidst the price competition, we are implementing aggressive cost-cutting measures and seeking efficiencies in production. In addition, to complement our cost-cutting measures, we are also exploring new revenue streams and focusing on higher-margin products to improve profitability.”
“Despite significant headwinds from fierce price competition, our commitment to innovation and quality improvements remains unchanged, and we remain focused on delivering sustainable growth and innovation as our long-term strategy. During this reporting period, we expensed $0.4 million in R&D expenses, a slight increase compared to the same period last year. We are confident that our ongoing initiatives will position us well when market conditions improve.”
“As we move forward, we are dedicated to adapting to the evolving market landscape. To enhance Tungray’s business portfolio and adapt to high-growth markets, we are actively exploring 3D metal printing solutions tailored for high-end sectors such as commercial aviation, offshore marine, and oil & gas industries in which Singapore serves as a strategic hub. We believe potential expansion into 3D metal printing will complement our current product and service offerings and positions us to compete well in the provision of advanced, precision-engineered components. We are confident that this strategic initiative will elevate Tungray’s market presence, generate new revenue streams, and ultimately create greater value for our shareholders. We anticipate that the steps we’re taking now will yield improvements and help us return to a sustained growth trajectory in the upcoming years.”
First Half 2024 Financial Results
Total Revenues
Total revenues increased slightly by 1.5% to $5.4 million for the six months ended June 30, 2024, compared to $5.3 million for the six months ended June 30, 2023.
Revenues from customized products increased by $0.5 million or 11.6% for the six months ended June 30, 2024, primarily driven by the delivery of a major customization project during the period.Revenues from standardized products decreased by $0.4 million, or 30.5% for the six months ended June 30, 2024, mainly due to the impact of increasing industry competition resulting in lower sales pricing.
Cost of Revenues
Total costs increased by 16.2% to $2.9 million for the six months ended June 30, 2024, compared to $2.5 million for the six months ended June 30, 2023.
The cost of revenues for customized products rose by $0.6 million, or 31.3% for the same period ended June 30, 2024, in line with the revenue increase.The cost of revenues for standardized products decreased by $0.2 million, or 21.1% for the same period ended June 30, 2024, corresponding with the revenue decline due to increased industry competition.
Gross Profit
Gross profit was $2.5 million for the six months ended June 30, 2024, representing a decrease of 11.4% year over year from $2.9 million for the six months ended June 30, 2023. Gross margin was 46.7% for the six months ended June 30, 2024, compared to 53.5% for the same period in 2023. The decrease in gross profit and gross margin was mainly due to the increase of raw materials and labor costs.
Gross profit for customized products was $2.2 million for the six months ended June 30, 2024, a decrease of 3.6% as compared to $2.3 million for the six months ended June 30, 2023. Gross margin for customized products was 48.6% for the six months ended June 30, 2024, and 56.3% for the six months ended June 30, 2023.Gross profit for standardized products was $0.3 million for the six months ended June 30, 2024, a decrease of 42.1% as compared to $0.6 million for the six months ended June 30, 2023. Gross margin for standardized products was 37.2% for the six months ended June 30, 2024, and 44.6% for the six months ended June 30, 2023.
Operating Expenses
Total operating expenses were $3.5 million for the six months ended June 30, 2024, representing an increase of 26.5% year over year from $2.8 million for the six months ended June 30, 2023.
Selling expenses increased by $0.1 million or 38.8% from $0.2 million for the six months ended June 30, 2023 to $0.3 million for the six months ended June 30, 2024. The increase was mainly due to an increase of advertisement expense for business expansion.General and administrative expenses increased by $0.6 million or 29.8% from $2.1 million for the six months ended June 30, 2023 to $2.7 million for the six months ended June 30, 2024. The increase was mainly attributed to a $0.5 million increase in salary and benefits for talent retention, as well as a $0.1 million increase in professional service fee related to the Company’s initial public offering during the six months ended June 30, 2024 as compared with the same period last year.R&D expenses increased slightly by 3.8% for the six months ended June 30, 2024 as compared with the same period last year. The increase was consistent with the R&D plan the Company previously set out.
(Loss) Income from operations
Loss from operations was $0.9 million for the six months ended June 30, 2024, compared to income from operations of $0.1 million for the six months ended June 30, 2023.
Other Income, net
Total other income was $0.2 million for the six months ended June 30, 2024 and 2023.
Income tax expense
Income tax expense increased by approximately $20,000 or 19.6%, from $0.1 million for the six months ended June 30, 2023 to $0.1 million for the six months ended June 30, 2024.
Net (Loss) Income
Net loss was $0.8 million for the six months ended June 30, 2024, compared to net income of $0.2 million for the six months ended June 30, 2023.
About Tungray Technologies Inc
Tungray Technologies Inc is an Engineer-to-Order (ETO) company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs) in the semiconductors, printers, electronics, and home appliances industries. With research, development and manufacturing bases in Singapore and China, Tungray designs, develops, and delivers a wide range of industrial products ranging from customized manufacturing machineries, direct drive and linear direct current motors, to induction welding equipment. As an ETO company with more than two decades of experience, Tungray takes pride in its ability to deliver quality customized industrial solutions that fulfil its customers’ unique needs and specifications. For more information, visit the Company’s website at http://tungray.com/.
Forward-Looking Statements
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 more information, please contact:
Investor Relations:
Bill Zima
Email: tungray@icrinc.com
Tungray Technologies Inc and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(Stated in U.S. Dollars, except for share data, or otherwise noted)
As of
June 30, 2024
As of
December 31, 2023
As Restated
ASSETS
CURRENT ASSETS
Cash
$
9,965,474
$
10,802,405
Accounts and notes receivable, net
2,732,116
3,574,739
Accounts receivable – related parties
295,487
319,589
Inventories, net
1,424,207
2,283,809
Prepayments, net
831,679
259,950
Prepayments – related parties
1,462,583
1,048,745
Other receivables and other current assets, net
805,048
215,651
Other receivables – related parties
461,924
23,816
Total current assets
17,978,518
18,528,704
PROPERTY AND EQUIPMENT, NET
6,184,336
6,326,369
OTHER ASSETS
Prepaid expenses and deposits
79,592
23,163
Prepayment for land use right
1,988,386
–
Long-term investment
206,407
211,271
Operating right-of-use assets
1,594,282
712,261
Intangible assets, net
72,884
55,842
Deferred initial public offering (“IPO”) costs
–
1,192,734
Total non-current assets
3,941,551
2,195,271
Total assets
28,104,405
27,050,344
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
1,280,101
1,048,271
Accounts payable – related parties
515,276
498,923
Contract liabilities
3,859,463
4,010,832
Accrued expenses and other payables
965,192
1,289,941
Other payables – related parties
284,235
670,866
Current portion of banking facilities
156,654
140,162
Current portion of operating lease liabilities
236,305
46,232
Current portion of operating lease liabilities – related party
269,960
123,094
Taxes payable
635,216
1,206,141
Total current liabilities
8,202,402
9,034,462
OTHER LIABILITIES
Banking facilities
1,810,412
1,951,389
Operating lease liabilities
769,997
10,603
Operating lease liabilities – related party
228,627
339,450
Total other liabilities
2,809,036
2,301,442
Total liabilities
11,011,438
11,335,904
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Class A ordinary shares ($0.0001 par value; 400,000,000 and 400,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 11,793,485 and 10,440,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)
1,179
1,044
Class B ordinary shares ($0.0001 par value; 100,000,000 and 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 4,560,000 and 4,560,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)
456
456
Additional paid-in capital
3,135,124
332,574
Retained earnings
14,716,555
15,530,562
Statutory reserves
248,761
248,761
Accumulated other comprehensive loss
(913,916)
(284,444)
Total Tungray Technologies Inc shareholders’ equity
17,188,159
15,828,953
NONCONTROLLING INTERESTS
(95,192)
(114,513)
TOTAL EQUITY
17,092,967
15,714,440
Total liabilities and equity
$
28,104,405
$
27,050,344
Tungray Technologies Inc and Subsidiaries
Unaudited Condensed Consolidated Statements of Income (Loss) and Comprehensive Loss
(Stated in U.S. Dollars, except for share data, or otherwise noted)
For the six months ended
June 30,
2024
2023
(Unaudited)
As Restated
(Unaudited)
Revenue – products
$
5,435,786
$
5,313,634
Revenue – related party
–
42,790
Total revenues
5,435,786
5,356,424
Cost of revenue – products
2,897,866
2,460,361
Cost of revenue – related party
–
32,858
Total cost of revenues
2,897,866
2,493,219
Gross profit
2,537,920
2,863,205
Operating expenses:
Selling expenses
300,122
216,168
General and administrative expenses
2,735,835
2,106,952
Research and development expenses
447,234
430,809
Total operating expenses
3,483,191
2,753,929
(Loss) Income from operations
(945,271)
109,276
Other income
Other income, net
172,687
128,614
Lease income – related party
9,855
10,263
Financial expenses, net
44,262
22,074
Total other income, net
226,804
160,951
(Loss) Income before income taxes
(718,467)
270,227
Income tax expense
(126,219)
(105,491)
Net (loss) income
(844,686)
164,736
Less: net loss attributable to noncontrolling interests
(30,679)
(38,426)
Net (loss) income attributable to Tungray Technologies Inc
(814,007)
203,162
Net (loss) income
(844,686)
164,736
Foreign currency translation adjustment
(629,472)
(293,212)
Comprehensive loss
(1,474,158)
(128,476)
Less: comprehensive loss attributable to noncontrolling interests
(30,679)
(36,732)
Total comprehensive loss attributable to Tungray Technologies Inc
(1,443,479)
(91,744)
Weighted average number of common shares outstanding – basic and diluted
15,539,074
15,000,000
(Loss) Earnings per common share – basic and diluted
(0.05)
0.01
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SOURCE Tungray Technologies Inc
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Technology
Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus
Published
54 minutes agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.
Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.
Strategic guidance
According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.
Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.
He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.
During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.
Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.
WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”
Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.
The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.
The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”
Firm support for UN
In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.
Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.
Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.
Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.
Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.
Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.
At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.
He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.
Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.
According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.
President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.
However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.
In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.
Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.
This article first appeared on Global Times
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SOURCE Global Times
Technology
Global Times: China sends fresh signal on global AI cooperation at WAIC
Published
54 minutes agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — “AI development should not be a solo performance by a single country, but a symphony of international cooperation,” Chinese President Xi Jinping said on Friday while addressing the opening ceremony of the 2026 World AI Conference (WAIC) and High-Level Meeting on Global AI Governance, stressing that China is ready to be more open, take more practical actions, and assume a more visionary perspective.
We are ready to work with all parties to seize the opportunities of AI development and meet the challenges, and join hands to create a brighter future for humanity, he added.
Xi’s remarks received positive responses from domestic and foreign enterprises and experts, as they spoke highly of China’s scientific and technological achievements in recent years while noting that China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity and Chinese solutions in AI governance enable other countries to better tackle the common challenges brought about by AI development.
Openness and win-win cooperation
Xi presented four observations on AI development and governance in the speech. The Chinese leader called for adhering to the principle of openness and win-win cooperation while boosting innovation-driven development. He highlighted the importance of encouraging open-source, openness, collaboration and sharing to facilitate technological innovation, industrial development and scenario-based application of AI.
He also called for strengthening risk-awareness and ensuring that AI is secure and controllable. Stressing the need to ensure that AI is always under human control, Xi urged all sides to jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others.
Third, he called for encouraging inclusiveness and promoting mutual learning among civilizations.
Fourth, he called for advocating solidarity and improving global governance. The important role of the United Nations should be recognized, Xi said, calling for further alignment and coordination on AI development strategies, governance rules and technical standards.
“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides, promote sustainable development and prevent creating new historical injustice in AI,” he said.
In the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs, Xi said. He said China will develop international AI application cooperation centers with the Association of Southeast Asian Nations, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS. China will enable 30 countries to use the AI-powered meteorological warning system, or MAZU, to safeguard homes around the world.
“President Xi’s remarks underscore China’s commitment to advancing global AI governance and technological innovation through opening-up and win-win cooperation, bringing new opportunities for sharing AI dividends and achieving shared prosperity to countries worldwide, especially developing countries,” Song Yang, professor of School of Economics and research fellow at the National Academy of Development and Strategy at Renmin University of China, told the Global Times on Friday.
China is sending a clear and important message: AI should become a bridge between countries, not a new dividing line, Luigi Gambardella, president of the Brussels-based international digital association ChinaEU, told the Global Times on Friday on the sidelines of the forum.
“No country, however technologically advanced, can develop and govern AI alone. China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity. It can help prevent the fragmentation of technologies, standards and markets, while ensuring that the opportunities created by AI are shared more widely,” Gambardella said.
“President Xi proposed ‘adhering to the principle of openness and win-win cooperation’ and ‘advocating solidarity’, and announced a series of pragmatic measures to support global AI development. These remarks have deeply inspired me and further strengthened my confidence in promoting the inclusive development of AI through opening-up and cooperation,” Xu Li, chairman and CEO of Shanghai-based AI software company SenseTime, told the Global Times on Friday.
Looking ahead, SenseTime aims to bring more field-tested technologies, products, and talent cultivation expertise to more countries and regions, and boost “China innovation” to deliver sustained value across a wider spectrum of industrial scenarios, thereby enabling AI to better benefit all of humanity, Xu said.
China actively supports strengthening global cooperation on AI governance, advocates multilateralism, and promotes the establishment of a global governance framework, which has received positive responses from many Global South countries.
Twenty-nine countries on Thursday signed an agreement in Shanghai on establishing the World Artificial Intelligence Cooperation Organization (WAICO). As an independent intergovernmental international organization headquartered in Shanghai, WAICO will uphold the purposes of the UN Charter, be committed to extensive consultation and joint contribution for shared benefit and adhere to a people-centered approach, according to the agreement, per Xinhua.
Global spotlight on WAIC
Since its inception in 2018, the WAIC has successfully convened for eight consecutive editions, becoming an important window for showcasing cutting-edge AI technologies from China and around the world while deepening international opening-up and cooperation.
Themed “AI Partnership for a Brighter Future”, the exhibition area exceeds 100,000 square meters for the first time this year, attracting the participation of over 1,100 enterprises. The exhibitors are showcasing more than 3,000 products and technologies, with over 300 products making their global debuts.
Among the exhibition highlights are Huawei’s latest AI computing super node system Atlas 950, MiniMax M3 multimodal foundation model, and the world’s first agentic AI phone, alongside a range of humanoid robots and AI-powered dexterous hands.
A German BMW representative, who attended WAIC for the first time, expressed enthusiasm about the event, highlighting the humanoid robotics showcased in the exhibition area – technologies he said he has never encountered before.
The representative told the Global Times that his company has adopted Chinese AI-powered large language models such as Qwen and DeepSeek. “The new updated versions of these models emerge weekly, which is very impressive,” the representative said, speaking highly of the cost efficiency of Chinese models.
However, some Western media outlets keep smearing China’s AI advancements and international cooperation. The Economist even claims that China’s open-source AI is a “trap” and that embracing China is “risky.”
Debunking this groundless smearing, Song said that China’s AI development has consistently adhered to the philosophy of a people-centered approach and AI for good, accumulating a wealth of vivid, replicable, and scalable experiences.
At the opening ceremony of the WAIC, the China Meteorological Administration unveiled the MAZU-FengYun Satellite AI Box. The launch marks a new stage in MAZU’s intelligent early-warning initiative, which was unveiled last year, shifting from providing shared meteorological products to delivering AI-enabled forecasting capabilities, according to the administration.
“Over the past year, meteorological and disaster reduction agencies from more than 40 countries have accessed the MAZU early warning technologies and products via cloud platforms. Customized versions of the tool have been deployed in Nigeria, Djibouti, Pakistan, and other nations, earning widespread recognition from users,” You Yang, a staff member with the Shanghai Meteorological Bureau, told the Global Times on Friday.
“From base models to industry-specific applications, China is opening up its low-cost, replicable technological pathways to the world, thereby lowering the threshold for underdeveloped nations to enter the AI era. Meanwhile, China actively helps developing countries address gaps in technology, talent, and governance capabilities to bridge the digital divide in the age of intelligence,” Song said.
According to a March report from Hugging Face, one of the world’s largest AI open-source communities, China has surpassed the US in monthly downloads and overall downloads. In the past year, Chinese models quickly accounted for the plurality or 41 percent of downloads.
“China possesses three unique institutional advantages in promoting AI for good and inclusive development: First, the new system for nationwide mobilization of resources coordinates development and security, achieving synergistic progress in key technological breakthroughs and rule-making. Second, a people-centered approach ensures that technological advancement benefits the people. Third, a multi-stakeholder agile and collaborative governance model links governments, universities, research institutions, enterprises, and social organizations to explore the synergy between rules and technology, providing China’s experience to the world,” Zeng Yi, a member of the UN Advisory Body on AI, told the Global Times on Friday.
View original content:https://www.prnewswire.com/news-releases/global-times-china-sends-fresh-signal-on-global-ai-cooperation-at-waic-302828951.html
SOURCE Global Times
BOGOTA, Colombia, July 17, 2026 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the “Company”) announced that it has identified an unauthorized access to certain digital resources owned by the Company and its subsidiaries by an external actor who has not been identified, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The unauthorized access affected cloud-based file storage environments of approximately 15 subsidiaries (including the Company), resulting in the unauthorized download of data associated with approximately 3,300 user accounts. The external actor communicated extortion demands, threatening to publicly disclose the information that had been unlawfully extracted.
In response to this incident, the Company initiated an investigation and activated its incident response and management protocols. In addition, the Company deployed the following measures aimed at preventing the public disclosure of the unlawfully extracted information, addressing supervisory actions and/or potential financial costs associated with investigation, remediation, and regulatory compliance, as follows:
a. Immediate revocation of unauthorized access to the compromised digital assets.
b. Blocking of mechanisms associated with the mass download of information.
c. Identification, analysis, and containment of the tactics, techniques, and procedures (TTPs) used by the malicious actor.
d. Filing of a criminal complaint before the Office of the Attorney General of Colombia and deployment of cooperation activities with specialized national authorities.
e. Identification of external infrastructures used for the storage or download of information to pursue restriction or blocking actions.
f. Activation of support mechanisms with insurers and specialized capital markets teams to ensure the proper management of the event.
g. Detailed assessment of the downloaded information and determination of its criticality.
h. Enhanced monitoring of the technology infrastructure under critical alert protocols and continuous validation of preventive and detective controls.
As of the date of this report, the Company has not identified any material disruption to its critical operations, production capacity, or essential services; any direct financial impact that would prevent it from continuing to conduct its business activities; or any disclosure of the information subject to the unauthorized access. However, the Company continues to assess the potential exposure of corporate information, which could include confidential, restricted, proprietary, or personal data, as it cannot guarantee that this incident will not have a material adverse effect on the Company’s business, reputation, operating results, or financial condition.
Ecopetrol S.A. will continue to monitor developments related to this matter and, should any material facts or information requiring disclosure to the market be identified, will promptly disclose such information in accordance with applicable laws and regulations.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Investor Relations Office
Email: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-reports-cybersecurity-incident-302828952.html
SOURCE Ecopetrol S.A.
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