Technology
ASE Technology Holding Co., Ltd. Reports Its Unaudited Consolidated Financial Results for the Fourth Quarter and the Full Year of 2024
Published
1 year agoon
By
TAIPEI, Feb. 13, 2025 /PRNewswire/ — ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX) (“We”, “ASEH”, or the “Company”), the leading provider of semiconductor assembly and testing services (“ATM”) and the provider of electronic manufacturing services (“EMS”), today reported its unaudited net revenues[1] of NT$162,264 million for 4Q24, up by 1.0% year-over-year and up by 1.3% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT9,312 million, down from NT$9,392 million in 4Q23 and down from NT$9,733 million in 3Q24. Basic earnings per share for the quarter were NT$2.15 (or US$0.134 per ADS), compared to NT$2.18 for 4Q23 and NT$2.25 for 3Q24. Diluted earnings per share for the quarter were NT$2.07 (or US$0.129 per ADS), compared to NT$2.13 for 4Q23 and NT$2.18 for 3Q24.
For the full year of 2024, the Company reported unaudited net revenues of NT$595,410 million and net income attributable to shareholders of the parent of NT$32,483 million. Basic earnings per share for the full year of 2024 were NT$7.52 (or US$0.470 per ADS). Diluted earnings per share for the full year of 2024 were NT$7.23 (or US$0.452 per ADS).
As of December 31, 2024, we have completed the purchase price allocation of business combination, and have retrospectively adjusted the consolidated financial results for the prior period.
RESULTS OF OPERATIONS
4Q24 Results Highlights – Consolidated
Net revenues from packaging operations, testing operations, EMS operations, and others represented approximately 43%, 10%, 46%, and 1% of the total net revenues for the quarter, respectively.
Cost of revenues was NT$135,633 million for the quarter, up from NT$133,679 million in 3Q24.Raw material cost totaled NT$84,434 million for the quarter, representing 52% of the total net revenues.Labor cost totaled NT$16,749 million for the quarter, representing 10% of the total net revenues.Depreciation, amortization and rental expenses totaled NT$13,961 million for the quarter.
Gross margin decreased by 0.1 percentage points to 16.4% in 4Q24 from 16.5% in 3Q24.
Operating margin was 6.9% in 4Q24, compared to 7.2% in 3Q24.
In terms of non-operating items:Net interest expense was NT$1,308 million.Net foreign exchange loss was NT$2,787 million, primarily attributable to the appreciation of the U.S. dollar against the New Taiwan dollar.Net gain on valuation of financial assets and liabilities was NT$4,017 million.Net loss on equity-method investments was NT$133 million.Other net non-operating income was NT$441 million, primarily attributable to miscellaneous income.
Total non-operating income and expenses for the quarter was NT$230 million.
Income before tax was NT$11,441 million in 4Q24, compared to NT$12,325 million in 3Q24. We recorded income tax expenses of NT$1,862 million for the quarter, compared to NT$2,052 million in 3Q24.
Net income attributable to shareholders of the parent was NT$9,312 million in 4Q24, compared to NT$9,392 million in 4Q23 and NT$9,733 million in 3Q24.
Our total number of shares outstanding at the end of the quarter was 4,414,930,537, including treasury stock owned by our subsidiaries in 4Q24. Our 4Q24 basic earnings per share of NT$2.15 (or US$0.134 per ADS) were based on 4,324,469,567 weighted average numbers of shares outstanding in 4Q24. Our 4Q24 diluted earnings per share of NT$2.07 (or US$0.129 per ADS) were based on 4,399,408,735 weighted average number of shares outstanding in 4Q24.
4Q24 Results Highlights – ATM
Net revenues were NT$88,363 million for the quarter, up by 7.8% year-over-year and up by 3.0% sequentially.
Cost of revenues was NT$67,754 million for the quarter, up by 7.9% year-over-year and up by 2.7% sequentially.Raw material cost totaled NT$24,774 million for the quarter, representing 28% of the total net revenues.Labor cost totaled NT$13,661 million for the quarter, representing 15% of the total net revenues.Depreciation, amortization and rental expenses totaled NT$12,508 million for the quarter.
Gross margin increased by 0.2 percentage points to 23.3% in 4Q24 from 23.1% in 3Q24.
Operating margin was 10.7% in both 4Q24 and 3Q24.
4Q24 Results Highlights – EMS
Net revenues were NT$74,895 million, down by 5.4% year-over-year and down by 0.6% sequentially.
Cost of revenues for the quarter was NT$68,713 million, down by 5.2% year-over-year and up by 0.1% sequentially.Raw material cost totaled NT$60,178 million for the quarter, representing 80% of the total net revenues.Labor cost totaled NT$2,980 million for the quarter, representing 4% of the total net revenues.Depreciation, amortization and rental expenses totaled NT$1,191 million for the quarter.
Gross margin decreased by 0.7 percentage points to 8.3% in 4Q24 from 9.0% in 3Q24.
Operating margin was 2.7% in 4Q24, compared to 3.3% in 3Q24.
2024 Full-Year Results Highlights – Consolidated
Net revenues for the full year of 2024 amounted to NT$595,410 million, up by 2.3% from the full year of 2023. Net revenues from packaging operations, testing operations, EMS operations and others represented approximately 44%, 9%, 46% and 1% of total net revenues for the year, respectively.
Cost of revenue for the year of 2024 was NT$498,478 million, compared to NT$490,157 million in 2023.Raw material cost totaled NT$306,359 million for the year, representing 51% of total net revenues.Labor cost totaled NT$64,268 million for the year, representing 11% of total net revenues.Depreciation, amortization and rental expenses totaled NT$54,254 million for the year.
Gross margin increased by 0.5 percentage points to 16.3% in 2024 from 15.8% in 2023.
Operating margin decreased to 6.6% in 2024 from 6.9% in 2023.
Total non-operating income for the year was NT$2,517 million, compared to NT$2,272 million in 2023.
Income before tax was NT$41,684 million in 2024. We recognized an income tax expense of NT$7,758 million for the year.
Net income attributable to shareholders of the parent amounted to NT$32,483 million in 2024, compared to NT$31,725 million in 2023.
Our 2024 basic earnings per share of NT$7.52 (or US$0.470 per ADS) were based on 4,318,991,036 weighted average numbers of shares outstanding in 2024. Our 2024 diluted earnings per share of NT$7.23 (or US$0.452 per ADS) were based on 4,392,013,361 weighted average number of shares outstanding in 2024.
2024 Full-Year Results Highlights – ATM
Cost of revenues for the full year of 2024 was NT$252,712 million, compared to NT$246,397 million in 2023.Raw material cost totaled NT$90,307 million for the year, representing 28% of total net revenues.Labor cost totaled NT$51,652 million for the year, representing 16% of total net revenues.Depreciation, amortization and rental expenses totaled NT$48,392 million for the year.
Gross margin increased to 22.5% in 2024 from 21.8% in 2023.
Operating margin decreased to 9.8% in 2024 from 10.1% in 2023.
2024 Full-Year Results Highlights – EMS
Cost of revenues was NT$248,135 million in 2024, up by 1.3% from 2023.Raw material cost totaled NT$216,864 million for the year, representing 80% of total net revenues.Labor cost totaled NT$12,161 million for the year, representing 4% of total net revenues.Depreciation, amortization and rental expenses totaled NT$4,808 million for the year.
Gross margin increased to 9.0% in 2024 from 8.7% in 2023.
Operating margin decreased to 2.9% in 2024 from 3.3% in 2023.
LIQUIdiTY AND CAPITAL RESOURCES
Capital expenditures in 4Q24 totaled US$640 million, of which US$321 million was used in packaging operations, US$290 million in testing operations, US$24 million in EMS operations and US$5 million in interconnect materials operations and others.
Capital expenditures in 2024 totaled US$1,876 million, of which US$957 million was used in packaging operations, US$815 million in testing operations, US$89 million in EMS operations and US$15 million in interconnect materials operations and others.
Total unused credit lines amounted to NT$375,734 million as of December 31, 2024.
Current ratio was 1.19 and net debt to equity ratio was 0.37 as of December 31, 2024.
Total number of employees was 95,492 as of December 31, 2024, compared to 94,456 as of September 30, 2024.
Business Review
Customers[2]
ATM Basis
Our five largest customers together accounted for approximately 44% of our total net revenues in 4Q24, compared to 42% in 3Q24. Two customers each accounted for more than 10% of our total net revenues in 4Q24 individually.
Our top 10 customers contributed 60% of our total net revenues in 4Q24, compared to 58% in 3Q24.
Our customers that are integrated device manufacturers or IDMs accounted for 32% of our total net revenues in 4Q24, compared to 34% in 3Q24.
EMS Basis
Our five largest customers together accounted for approximately 72% of our total net revenues in 4Q24, compared to 71% in 3Q24. One customer accounted for more than 10% of our total net revenues in 4Q24.
Our top 10 customers contributed 78% of our total net revenues in 4Q24, compared to 77% in 3Q24.
About ASE Technology Holding Co., Ltd.
ASEH is the leading provider of semiconductor manufacturing services in assembly and test. The Company develops and offers complete turnkey solutions covering front-end engineering test, wafer probing and final test, as well as packaging, materials and electronic manufacturing services through USI with superior technologies, breakthrough innovations, and advanced development programs. With advanced technological capabilities and a global presence spanning Taiwan, China, South Korea, Japan, Singapore, Malaysia, Philippines, Vietnam, Mexico, and Tunisia as well as the United States and Europe, ASEH has established a reputation for reliable, high quality products and services.
For more information, please visit our website at https://www.aseglobal.com.
Safe Harbor Notice
This press release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this press release. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward-looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People’s Republic of China; general economic and political conditions; the recent shift in United States trade policies; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors. The announced results of the full year of 2024 are preliminary and subject to audit adjustments. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2023 Annual Report on Form 20-F filed on April 3, 2024.
Supplemental Financial Information
(Unaudited)
Consolidated Operations
4Q24
3Q24
4Q23
EBITDA[3] (NT$ million)
28,797
28,692
28,606
ATM Operations
4Q24
3Q24
4Q23
Net Revenues (NT$ million)
88,363
85,790
82,004
Revenues by Application
Communication
53 %
50 %
53 %
Computing
17 %
18 %
17 %
Automotive, Consumer & Others
30 %
32 %
30 %
Revenues by Type
Bumping, Flip Chip, WLP & SiP
47 %
45 %
44 %
Wirebonding
27 %
29 %
30 %
Others
7 %
8 %
8 %
Testing
18 %
16 %
16 %
Material
1 %
2 %
2 %
Capacity & EBITDA
CapEx[4] (US$ million)
616
588
213
EBITDA[3] (NT$ million)
24,845
24,257
23,787
Number of Wirebonders
25,328
25,373
25,860
Number of Testers
6,300
5,966
5,556
EMS Operations
4Q24
3Q24
4Q23
Net Revenues (NT$ million)
74,895
75,384
79,182
Revenues by Application
Communication
37 %
34 %
40 %
Computing
9 %
9 %
11 %
Consumer
33 %
36 %
28 %
Industrial
11 %
11 %
11 %
Automotive
8 %
9 %
8 %
Others
2 %
1 %
2 %
Capacity
CapEx[4] (US$ million)
24
14
21
ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Income Data
(In NT$ million, except per share data)
(Unaudited)
For the three months ended
For the year ended
Dec. 31
2024
Sep. 30
2024
(Retrospectively Adjusted)
Dec. 31
2023
Dec. 31
2024
Dec. 31
2023
Net revenues
Packaging
70,285
69,154
66,221
261,732
256,805
Testing
15,713
14,124
13,363
54,562
49,881
EMS
74,243
74,871
79,155
271,293
268,218
Others
2,023
1,956
1,842
7,823
7,010
Total net revenues
162,264
160,105
160,581
595,410
581,914
Cost of revenues
(135,633)
(133,679)
(134,820)
(498,478)
(490,157)
Gross profit
26,631
26,426
25,761
96,932
91,757
Operating expenses
Research and development
(7,676)
(7,439)
(6,950)
(28,830)
(25,499)
Selling, general and administrative
(7,744)
(7,517)
(6,996)
(28,935)
(25,930)
Total operating expenses
(15,420)
(14,956)
(13,946)
(57,765)
(51,429)
Operating income
11,211
11,470
11,815
39,167
40,328
Net non-operating income and expenses
Interest expense – net
(1,308)
(1,291)
(1,302)
(4,864)
(4,726)
Foreign exchange gain (loss) – net
(2,787)
1,887
3,731
(5,539)
998
Gain (Loss) on valuation of financial assets and liabilities – net
4,017
(946)
(2,977)
9,833
1,860
Gain (Loss) on equity-method investments – net
(133)
485
155
868
1,125
Others – net
441
720
945
2,219
3,015
Total non-operating income and expenses
230
855
552
2,517
2,272
Income before tax
11,441
12,325
12,367
41,684
42,600
Income tax expense
(1,862)
(2,052)
(2,461)
(7,758)
(9,043)
Income from operations and before non-controlling interests
9,579
10,273
9,906
33,926
33,557
Non-controlling interests
(267)
(540)
(514)
(1,443)
(1,832)
Net income attributable to shareholders of the parent
9,312
9,733
9,392
32,483
31,725
Per share data:
Earnings per share
– Basic
NT$2.15
NT$2.25
NT$2.18
NT$7.52
NT$7.39
– Diluted
NT$2.07
NT$2.18
NT$2.13
NT$7.23
NT$7.18
Earnings per equivalent ADS
– Basic
US$0.134
US$0.139
US$0.137
US$0.470
US$0.475
– Diluted
US$0.129
US$0.135
US$0.133
US$0.452
US$0.462
Number of weighted average shares used in diluted EPS calculation ( in thousand shares)
4,399,409
4,391,465
4,351,271
4,392,013
4,347,671
FX (NTD/USD)
32.16
32.31
31.92
32.00
31.09
ASE Technology Holding Co., Ltd.
Summary of ATM Statement of Income Data
(In NT$ million)
(Unaudited)
For the three months ended
For the year ended
Dec. 31
2024
Sep. 30
2024
(Retrospectively Adjusted)
Dec. 31
2023
Dec. 31
2024
Dec. 31
2023
Net revenues:
Packaging
71,342
70,290
67,378
265,858
260,486
Testing
15,713
14,124
13,363
54,562
49,881
Direct Material
1,233
1,295
1,205
5,130
4,574
Others
75
81
58
325
174
Total net revenues
88,363
85,790
82,004
325,875
315,115
Cost of revenues
(67,754)
(65,995)
(62,786)
(252,712)
(246,397)
Gross profit
20,609
19,795
19,218
73,163
68,718
Operating expenses:
Research and development
(6,047)
(5,773)
(5,425)
(22,438)
(19,786)
Selling, general and administrative
(5,127)
(4,803)
(4,581)
(18,739)
(17,086)
Total operating expenses
(11,174)
(10,576)
(10,006)
(41,177)
(36,872)
Operating income
9,435
9,219
9,212
31,986
31,846
ASE Technology Holding Co., Ltd.
Summary of EMS Statement of Income Data
(In NT$ million)
(Unaudited)
For the three months ended
For the year ended
Dec. 31
2024
Sep. 30
2024
Dec. 31
2023
Dec. 31
2024
Dec. 31
2023
Net revenues
Total net revenues
74,895
75,384
79,182
272,550
268,309
Cost of revenues
(68,713)
(68,627)
(72,496)
(248,135)
(244,947)
Gross profit
6,182
6,757
6,686
24,415
23,362
Operating expenses
Research and development
(1,673)
(1,668)
(1,567)
(6,542)
(5,871)
Selling, general and administrative
(2,523)
(2,636)
(2,320)
(9,883)
(8,511)
Total operating expenses
(4,196)
(4,304)
(3,887)
(16,425)
(14,382)
Operating income
1,986
2,453
2,799
7,990
8,980
ASE Technology Holding Co., Ltd.
Summary of Consolidated Balance Sheet Data
(In NT$ million)
(Unaudited)
As of Dec. 31, 2024
As of Sep. 30, 2024
(Retrospectively Adjusted)
Current assets
Cash and cash equivalents
76,493
71,711
Financial assets – current
9,376
6,643
Trade receivables
113,420
114,061
Inventories
61,181
68,991
Others
14,815
17,399
Total current assets
275,285
278,805
Financial assets – non-current & Investments – equity -method
41,810
42,300
Property, plant and equipment
312,531
283,886
Right-of-use assets
11,851
11,502
Intangible assets
67,562
67,639
Others
31,659
30,516
Total assets
740,698
714,648
Current liabilities
Short-term borrowings[5]
47,445
56,726
Current portion of bonds payable & Current portion of long-term borrowings
18,883
23,531
Trade payables
78,221
82,595
Others
86,391
72,698
Total current liabilities
230,940
235,550
Bonds payable
17,978
17,073
Long-term borrowings
121,750
108,003
Other liabilities
24,243
22,912
Total liabilities
394,911
383,538
Equity attributable to shareholders of the parent
323,523
309,456
Non-controlling interests
22,264
21,654
Total liabilities & shareholders’ equity
740,698
714,648
Current ratio
1.19
1.18
Net debt to equity ratio
0.37
0.41
ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Cash Flow Data
(In NT$ million)
(Unaudited)
For the three months ended
For the year ended
Dec. 31
2024
Sep. 30
2024
(Retrospectively Adjusted)
Dec. 31
2023
Dec. 31
2024
Dec. 31
2023
Cash Flows from Operating Activities
Income before tax
11,441
12,325
12,367
41,684
42,600
Depreciation & amortization
15,360
15,043
14,607
59,815
58,102
Other operating activities items
8,444
(5,306)
19,854
(10,711)
13,720
Net cash generated from operating activities
35,245
22,062
46,828
90,788
114,422
Cash Flows from Investing Activities
Net payments for property, plant
and equipment
(31,546)
(19,769)
(11,859)
(78,614)
(53,683)
Other investment activities items
(11)
(2,593)
582
(5,294)
(1,439)
Net cash used in investing activities
(31,557)
(22,362)
(11,277)
(83,908)
(55,122)
Cash Flows from Financing Activities
Total net proceeds from (repayment of) borrowings and bonds
(1,952)
30,909
(24,441)
16,487
(10,817)
Dividends paid
–
(22,460)
–
(22,460)
(37,841)
Other financing activities items
(121)
(51)
534
(1,298)
(443)
Net cash generated from (used in) financing activities
(2,073)
8,398
(23,907)
(7,271)
(49,101)
Foreign currency exchange effect
3,167
(2,560)
(7,433)
9,600
(955)
Net increase in cash and cash equivalents
4,782
5,538
4,211
9,209
9,244
Cash and cash equivalents at the beginning of period
71,711
66,173
62,812
67,284
58,040
Cash and cash equivalents at the
end of period
76,493
71,711
67,023
76,493
67,284
Cash and cash equivalents in the consolidated balance sheet
76,493
71,711
67,284
76,493
67,284
Cash and cash equivalents included in disposal groups held for sale
–
–
(261)
–
–
[1] All financial information presented in this press release is unaudited, consolidated and prepared in accordance with Taiwan-IFRS (International Financial Reporting Standards as endorsed for use in the R.O.C.). Such financial information is generated internally by us and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by our independent auditors, to which we subject our year-end audited consolidated financial statements, and may vary materially from the year-end audited consolidated financial information for the same period. Any evaluation of the financial information presented in this press release should also take into account our published year-end audited consolidated financial statements and the notes to those statements. In addition, the financial information presented is not necessarily indicative of our results of operations for any future period.
[2] In the fourth quarter of 2024, we adjusted our calculation method of revenue sourcing to focus on direct customers rather than end customers. We believe this method better reflects our current business environment. Consequently, we have retrospectively adjusted our customer metrics for the third quarter of 2024.
[3] EBITDA stands for net income or loss before interest, taxes, depreciation, amortization, impairment and investment gain or loss as well as other items.
[4] Capital expenditure excludes building construction costs.
[5] Short-term borrowings include short-term loans and bills payable.
Investor Relations Contact
ir@aseglobal.com
Tel: +886.2.6636.5678
https://www.aseglobal.com
View original content:https://www.prnewswire.com/news-releases/ase-technology-holding-co-ltd-reports-its-unaudited-consolidated-financial-results-for-the-fourth-quarter-and-the-full-year-of-2024-302375540.html
SOURCE ASE Technology Holding Co., Ltd.
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Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.
Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.
Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.
In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.
Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.
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SOURCE Yiwugo.com
Technology
Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects
Published
11 minutes agoon
July 24, 2026By
SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.
Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.
“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”
Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:
Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.
With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.
Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.
Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.
Learn more and apply for a grant at benchmarks.snorkel.ai.
About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes.
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SOURCE Snorkel AI
Technology
Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year
Published
11 minutes agoon
July 24, 2026By
Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.
TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.
The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.
Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house.
That platform rests on three proprietary pillars:
Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.
The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.
“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”
“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”
The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.
About Payzli
Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.
Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).
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SOURCE Payzli
Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo
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