Above Food Ingredients Inc. Meets Compliance Requirements
Furthermore, the Company is very pleased that, as of May 27, 2025, it has met Listing Rules 5810(c)(3)(A) and 5450(a)(1) requirements as well, and the Company is awaiting confirmation from the NASDAQ for Compliance Determination.
As of Spring 2025, the Company has made great strides with the restructuring of the operations and its pursuit of maximising shareholder value. Meeting compliance with the NASDAQ listing requirements is another milestone achieved in allowing the company to continue executing on its strategic plan. The Company will continue to inform shareholders of its advancements over the next coming weeks.
Above Food Ingredients Inc. (Nasdaq: ABVE ) is an ingredient company that delivers products made with real, nutritious, flavorful ingredients produced with transparency. The Company's vision is to create a healthier world — one seed, one field, and one bite at a time. With a robust chain of custody of plant proteins, enabled by scaled operations and infrastructure in primary agriculture and processing, and proprietary seed development capabilities that leverage the power of artificial intelligence-driven genomics and agronomy, the Company delivers nutritious ingredients to businesses and consumers with traceability and sustainability.
This press release may contain 'forward-looking information' within the meaning of the United States federal securities laws and applicable Canadian securities laws. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' future,' 'opportunity,' 'plan,' 'may,' 'should,' 'will,' 'could,' 'will be,' will continue,' and similar expressions and include, without limitation, statements about the ability of or expectations regarding the future performance of our business and operations.
Forward-looking statements are based on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider all of the risks and uncertainties described in the documents filed by the Company with the United States Securities and Exchange Commission, which is available on EDGAR at www.sec.gov/edgar.shtml. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide the Company's expectations, plans or forecasts of future events and views as of the date of this communication. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward-looking statements in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.
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Strong foundation helped maintain stable performance in TSP business The Company fully delivered on its role as part of a nationwide consortium of telecommunication infrastructure developers and as the leading force in new 5G infrastructure construction. We further overcame challenges in the Dual-Gigabit network joint-entry, as well as implementing special projects such as upgrading signal strength and extending broadband coverage to all border areas. We were able to capture opportunities presented by the continuous expansion of 5G network penetration and coverage in China. By working to improve resource coordination and sharing, and enhancing our professional operations, we were able to fully satisfy customer network construction needs and maintain stable growth in the TSP business. In the first half of 2025, our TSP business recorded revenues of RMB42,461 million, an increase of 0.8% year-on-year. Tower business. We implemented an embedded service mechanism to strengthen customer communications and engagement with a focus on TSPs' network construction planning. By doing so we were able to acquire orders by customer types and by network standards/frequency bands. Based on site resource data, we proactively conducted network coverage analysis to identify weak coverage areas, enabling the development of comprehensive solutions and regional products to meet customer needs. We focused on resolving customer pain points, continuously tackling difficult sites to gain customer recognition while fully acquiring and addressing customer demands. By adhering to a customer-oriented philosophy, we constantly optimized our business processes, standardized business management, and improved the efficiency of order acquisition and delivery as well as billing and payment collection, in order to enhance service capabilities and customer satisfaction. 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By furthering joint construction and shared development, we have improved coverage efficiency and unleashed our advantages in coordinated site entry and construction. We supported TSPs in swiftly and economically expanding network coverage to improve people's livelihoods through scale deployment of shared repeaters in elevators, underground parking lots, highway tunnels, residential properties and other sites. We accelerated 5G upgrades and continuously optimized active and passive DAS sharing solutions to enhance product competitiveness. We piloted shared frequency-shifting solutions during the 5G upgrades of existing DAS to ensure that the network quality improves in line with customer requirements. In the first half of 2025, our revenue from DAS business reached RMB4,664 million, an increase of 12.0% compared to the same period last year, maintaining relatively high growth. As of 30 June 2025, we had covered buildings with a cumulative area of 13.85 billion square meters, up by 20.0% year-on-year, while the coverage in high-speed railway tunnels and subways reached a cumulative length of 30,878 kilometers, representing an increase of 17.0% year-on-year. Refined operations to boost rapid development of Two Wings business We continued to strengthen product innovation and optimized business planning to improve our core competencies and promote further development of our Two Wings business, realizing rapid revenue and scale expansion. In the first half of 2025, revenues from our Two Wings business reached RMB6,935 million, accounting for 14.0% of our overall operating revenue and representing an increase of 1.6 percentage points over the same period last year. Smart Tower business. Focusing on spatial digital intelligence governance, we leveraged our rich resources and capabilities to transform 'telecommunication towers' to 'digital towers', which supported national strategies and major projects while improving the quality of our Smart Tower business. In terms of identifying customer demands, we further developed the Smart Tower business across vertical sectors and promoted strategic cooperation with a list-based approach. Our market share expanded and leadership consolidated across key scenarios such as farmland protection, fisheries law enforcement, bushfire prevention, disaster alert, and emergency rescue. In terms of refining our products, we advanced the construction and operations of the distributed platform and optimized our distinctive algorithm warehouse for mid-to-high points. We developed high-quality data sets for digital intelligent governance, further improving the competitiveness of products in key service scenarios. 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Of which, RMB2,822 million was generated from Tower Monitoring business, accounting for 59.7% of our Smart Tower business. Energy business. We focused on key business segments such as battery exchange and power backup, leveraging core competitiveness in product, service, and platform. We carried out refined operation and turned our Energy business into a specialized business stream. For the battery exchange business, we strengthened our presence in the consumer food delivery market while accelerating expansion among corporate customers. We established a VIP user management system to improve service capabilities and customer retention, driving rapid growth in our user base. As of 30 June 2025, we had approximately 1.470 million battery exchange users, an increase of 166,000 from the end of 2024, further maintaining our leading position in battery exchange for low-speed electric vehicles. Drawing on effective resource allocations, we accelerated the construction of a community charging infrastructure network system, improved operation and management capabilities, provided safe charging services for low-speed electric vehicles to the community, and continuously expanded the scale of service users. For the power backup business, we tapped into pivotal industries such as telecommunications and finance, along with key scenarios, to expand our premium customer base, analyze customer needs, strengthen capabilities, promot a comprehensive 'power backup +' industry solution and forge China Tower 'energy butler' brand. In the first half of 2025, our Energy business achieved revenue of RMB2,209 million, a year-on-year increase of 9.2%. Of which, the battery exchange business accounted for RMB1,323 million, contributing to 59.9% of the Energy business revenue. Technological innovation steadily generated positive impact In the first half of the year, we continued to strengthen technological innovation, building robust momentum for sustainable development. We intensified R&D efforts in critical technologies, including next-generation mobile communications, AI, edge computing, 5G + BeiDou integration, 5G shared DAS, new energy solutions and Internet of Things. We focused on establishing major projects and technical standards with international and industrial impact. By releasing a series of achievement lists, smoothing transformation channels, conducting scientific and technological achievement evaluations, and promoting transformation through categorized measures, we accelerated the channeling of technological achievements into production. We further promoted the management of the 'four lists', namely competencies and capabilities, task and project planning, resource allocation, and the commercialization of research outcomes, to steadily improve the efficiency and performance of innovation. In the first half of 2025, our R&D team size increased by 29%, compared to the same period last year, while the cumulative number of patent authorizations rose by 16% since the end of 2024. Mr. Zhang Zhiyong, Chairman of China Tower said, 'During the first half of 2025, we continued to optimize resource allocation, deepen reform and innovation, promote stable and high-quality operations and development, and improve corporate efficiency, further enhancing our core competitiveness. Looking ahead, we will continue to uphold the philosophy of resource sharing and adhere to the 'One Core and Two Wings' strategy to further enhance our core competitiveness, promote high-quality development, and maximize value for shareholders, customers, and society.' [1] EBITDA is calculated by operating profit plus depreciation and amortization. [2] The Company's share consolidation and capital reduction took effect on 20 February 2025. The Company's total issued share capital was reduced from 176,008,471,024 shares to 17,600,847,102 shares. Taking into account the aforementioned change in total issued share capital, the growth rate is calculated based on the total amount of dividends. [3] EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%. [4] Free cash flow is the net cash generated from operating activities minus the capital expenditures. [5] Gearing ratio is calculated as net debt (Interest-bearing liabilities minus the amount of cash and cash equivalents) divided by the sum of total equity and net debt, then multiplied by 100%. About China Tower (Stock Code: China Tower is the world's largest telecommunications tower infrastructure service provider, and the Company always adheres to the philosophy of shared development and implements the 'One Core and Two Wings' strategy. The Company is principally engaged in the construction, maintenance and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class integrated digital infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of June 2025, the Company's total assets amounted to RMB331,127 million. China Tower operated and managed 2.119 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.844 million tenants with the tenancy ratio of 1.81.
