USPACE Technology Group Limited (USPACE TECH) has released an annual report covering 2023 for the company's aerospace business and electronic manufacturing services (EMS). THE REPORT SHOWED THAT USPACE TECH'S REVENUE FELL TO APPROXIMATELY RMB5.935 BILLION, DOWN 6.6% FROM A YEAR EARLIER, AND A NET LOSS OF ABOUT RMB2,111 BILLION, AN INCREASE FROM RMB1.543 BILLION IN THE PREVIOUS YEAR. The Group has adopted a number of strategies to sustain the long-term growth of its aerospace and EMS businesses, including strengthening R&D investments in aerospace, expanding its aerospace business in the Middle East, and exploring other international markets. Management expressed gratitude to shareholders, customers, suppliers, banks, management teams and employees for their trust and support. Revenue segmented by customer location and product type...Show More

USPACE Technology Group Limited (USPACE TECH) has released an annual report covering 2023 for the company's aerospace business and electronic manufacturing services (EMS). THE REPORT SHOWED THAT USPACE TECH'S REVENUE FELL TO APPROXIMATELY RMB5.935 BILLION, DOWN 6.6% FROM A YEAR EARLIER, AND A NET LOSS OF ABOUT RMB2,111 BILLION, AN INCREASE FROM RMB1.543 BILLION IN THE PREVIOUS YEAR. The Group has adopted a number of strategies to sustain the long-term growth of its aerospace and EMS businesses, including strengthening R&D investments in aerospace, expanding its aerospace business in the Middle East, and exploring other international markets. Management expressed gratitude to shareholders, customers, suppliers, banks, management teams and employees for their trust and support. Revenue segmented by customer location and product type was also included in the financial report. Gross profit increased to approximately RMB 6,470 million, up 148.5% year-on-year. The Group's funds come from internal resources as well as bank and other borrowings. The Board of Directors does not recommend the issuance of a final dividend for this reporting period (2022: None). Employee and pay policies include basic wages, allowances, commissions, bonuses, and contributions to pension or state-managed retirement benefit plans. As of 31 December 2023, there are no significant investments or capital asset plans. Following the reporting period, the Group participated in a number of initiatives, including the signing of a letter of intent to cooperate with Abu Dhabi port company PJSC on the Global Aerospace Chain project, and a contract with APSCO on remote satellite data for the “Golden Bauhinia Satellite Constellation”. The annual report also includes detailed resumes of executive directors and non-executive directors. The company is committed to implementing high standards of corporate governance to improve performance, transparency and accountability. IN ADDITION, USPACE TECH RELEASED THE ESG REPORT, WHICH COVERS THE COMPANY'S COMMITMENTS AND PERFORMANCE IN ENVIRONMENTAL PROTECTION, SOCIAL RESPONSIBILITY, AND GOVERNANCE PRACTICES.