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CCSC Technology International Holdings Limited (Nasdaq: CCTG) is a Hong Kong-based company that specializes in the sale, design, and manufacturing of interconnect products. These products include connectors, cables, and wire harnesses, which are crucial components used in various industries such as industrial, automotive, robotics, medical equipment, computer, network and telecommunication, and consumer products.
The company excels in producing customized interconnect products tailored to meet the specific needs of its clients. CCSC Technology operates both as an Original Equipment Manufacturer (OEM) and an Original Design Manufacturer (ODM), providing high-quality interconnect solutions to manufacturers that produce end products, as well as to Electronic Manufacturing Services (EMS) companies that assemble products on behalf of those manufacturers.
CCSC Technology boasts a diversified global customer base, serving clients in over 25 countries across Asia, Europe, and the Americas. The company aims to deliver innovative and cost-effective products while maintaining high standards of quality.
In January 2024, CCSC Technology successfully completed its Initial Public Offering (IPO) and began trading on the Nasdaq Capital Market under the ticker symbol CCTG. This milestone is expected to bolster the company's competitive edge on a global scale.
The company's financial performance in the first six months of the fiscal year 2024 saw a decline in revenue and gross profit compared to the same period of the previous year, influenced by macroeconomic uncertainties and rising supply chain costs. Despite these challenges, CCSC Technology managed to maintain a stable gross margin. The company reported a total revenue of $7.5 million, a decrease from $15.6 million in the previous year. However, the company remains committed to investing in research and development and focusing on growth industries such as new energy, robotics, and medical.
Looking forward, CCSC Technology plans to capitalize on emerging opportunities in these growing sectors while continuing to provide high-quality interconnect solutions to its diverse clientele. The company's strategic focus on innovation and customer satisfaction is aimed at generating long-term value for its shareholders.
For more information, please visit the company's website: http://ir.ccsc-interconnect.com.
CCSC Technology International Holdings (Nasdaq: CCTG) reported financial results for fiscal year 2024. Revenue decreased by 38.7% to $14.7 million, compared to $24.1 million in FY 2023. Gross profit fell by 50.1% to $3.9 million, with gross margin declining to 26.6%. The company reported a net loss of $1.3 million, compared to a net income of $2.2 million in the previous year.
Despite challenges, CCSC highlighted strategic initiatives including its Nasdaq listing in January 2024, a cooperation agreement with Innogetic International to explore AI applications in manufacturing, and plans for a European supply chain management center in Serbia. The company remains focused on innovation, operational efficiencies, and market expansion to drive future growth.
CCSC Technology International Holdings, a Hong Kong-based company listed on Nasdaq under the symbol CCTG, has entered into an international purchase agreement with SHI / LIGHTCARE-SOLUTIONS ApS, a Danish healthcare lighting design and supply company. Under this agreement, CCSC will manufacture and supply healthcare lighting products based on SHI's designs to customers in the Asia Pacific region. The agreement projects an annual purchasing amount starting at €0.50 million (approximately US$0.54 million) in 2025, increasing to €3.50 million (approximately US$3.76 million) by 2030. CEO Kung Lok Chiu highlighted that this partnership aligns with CCSC's strategic goal of diversifying its product portfolio and expanding into the healthcare sector, expecting significant growth for both companies.
On June 13, 2024, CCSC Technology International Holdings (Nasdaq: CCTG), a Hong Kong-based interconnect products manufacturer, announced a strategic cooperation with Innogetic International
The agreement, signed on May 22, 2024, focuses on leveraging digital technologies like AI to enhance manufacturing processes. The companies will establish a joint venture in Hong Kong to facilitate this collaboration, sharing information and expertise to drive advancements in AI applications within manufacturing.
CEO Mr. Kung Lok Chiu emphasized the potential for significant growth and innovation through this partnership, aiming to enhance CCSC's position in the industry.
On May 16, 2024, CCSC Technology International Holdings announced plans to build a new supply chain management center in Merosina, Serbia. The 50,000-square-meter facility will commence construction in August 2024 and is slated for completion in 2025. This center will become the headquarters for CCSC's supply chain operations in Europe and will utilize advanced automation and storage technology. CCSC has established a new subsidiary, CCSC Technology Doo Beograd, to oversee operations. The project, fully supported by the Merosina government, has an estimated investment of $6 million. CEO Kung Lok Chiu emphasized that this initiative is part of a strategic plan to enhance business agility and support long-term growth.
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