XIAMEN, China, Oct. 28, 2024 /PRNewswire/ — Hitek International Inc. (Nasdaq: HKIT) (the “Company”), a China-based data era consulting and answers carrier supplier, these days introduced its unaudited monetary effects for the six months ended June 30, 2024.

Ms. Xiaoyang Huang, Prominent Govt Officer and Director of Hitek International Inc., commented, “We are pleased to report a solid performance for the first half of fiscal year 2024, as we continue to adapt to an evolving market environment. Despite facing challenges, particularly due to the implementation of Golden Tax Phase IV, which introduced new complexities for enterprises in managing their taxes, we have remained resilient. One of the key highlights of our financial performance is the increase in our gross profit margin, which rose to 52.0% for the six months ended June 30, 2024, compared to 50.9% in the same period last year. This improvement reflects our successful shift toward higher-margin revenue streams, especially in software sales, which continue to grow as we cater to larger clients. As we move forward, we are also actively expanding into new business modules to strengthen our market position. We are exploring strategic acquisitions and partnerships, particularly in the technical services, which we believe will offer immense growth potential. These moves are aligned with our long-term vision. By leveraging our expertise and seizing these emerging opportunities, we are confident in our ability to drive sustainable growth and deliver greater value to our shareholders.”

First Part 2024 Monetary Highlights

• Income was once $1.83 million for the six months ended June 30, 2024 in comparison to $2.95 million for a similar duration of terminating occasion.
• Improper benefit was once $0.95 million for the six months ended June 30, 2024 in comparison to $1.5 million for a similar duration of terminating occasion.
• Improper benefit margin as a share of earnings higher to 52.0% for the six months ended June 30, 2024 from 50.9% for a similar duration of terminating occasion.
• Unadorned and diluted income consistent with proportion was once $0.01 for the six months ended June 30, 2024 in comparison to $0.05 for a similar duration of terminating occasion.

First Part 2024 Monetary Effects

Income

Overall revenues have been $1.83 million for the six months ended June 30, 2024, in comparison to $2.95 million for a similar duration of terminating occasion.

• Income generated from {hardware} gross sales was once $0.75 million for the six months ended June 30, 2024, in comparison to $1.31 million for a similar duration of terminating occasion. The {hardware} gross sales snip was once principally because of the snip in our shoppers’ calls for suffering from the slow financial situation.
• Income generated from CIS instrument gross sales was once $0.82 million for the six months ended June 30, 2024, higher through 6.1% from $0.78 million for a similar duration of terminating occasion. CIS instrument gross sales higher principally because of the rise in instrument gross sales to immense shoppers.
• Income generated from tax units and products and services was once $0.26 million for the six months ended June 30, 2024, in comparison to $0.86 million for a similar duration of terminating occasion. Tax units and repair gross sales diminished because of unutilized insurance policies that Xiamen tax government applied the utility of digital invoices gadget to switch the prior tax keep watch over gadget.

Improper Benefit and Improper Margin

Improper benefit was once $0.95 million for the six months ended June 30, 2024 in comparison to $1.5 million for a similar duration of terminating occasion.

Improper benefit margin as a share of earnings higher to 52.0% for the six months ended June 30, 2024 from 50.9% for a similar duration of terminating occasion. This was once principally because of the rise of instrument gross sales, which has a fairly top rude benefit margin in comparison with alternative earnings streams.

Working Bills

Working bills have been $0.99 million for the six months ended June 30, 2024, diminished through 8.0% from $1.08 million for a similar duration of terminating occasion.

• Promoting bills have been $9,844 for the six months ended June 30, 2024, higher through 2,928.9% from $325 for a similar duration of terminating occasion. Promoting bills have been 0.5% of overall revenues for the six months ended June 30, 2024 and zero.01% of overall revenues within the related duration of 2023. The rise effects from advertising actions to draw unutilized purchases from unutilized and current shoppers.
• Basic and administrative bills have been $1.32 million for the six months ended June 30, 2024, higher through 32.7% from $0.99 million for a similar duration of terminating occasion. The rise was once principally because of the rise in consulting charges for financing.

Working loss was once $0.37 million for the six months ended June 30, 2024 in comparison to working source of revenue of $0.51 million for the related duration of 2023. The snip in working source of revenue in 2024 was once essentially because of the snip in earnings and build up of normal and administrative bills.

Alternative Source of revenue

Alternative source of revenue was once $0.66 million and $0.44 million for the six months ended June 30, 2024 and 2023, respectively. The rise was once essentially because of the rise in hobby source of revenue from mortgage receivables and build up of internet funding source of revenue.

Web Source of revenue

On account of the criteria described above, internet source of revenue was once $0.12 million for the six months ended June 30, 2024, in comparison to $0.62 million for the related duration of 2023.

Unadorned and Diluted Profits consistent with Percentage

Unadorned and diluted income consistent with proportion was once $0.01 for the six months ended June 30, 2024, in comparison to $0.05 for a similar duration of terminating occasion.

Stability Sheet

As of June 30, 2024, the Corporate had money of $7.22 million, in comparison to $9.31 million as of December 31, 2023.

Money Current

Web money supplied through working actions was once $0.75 million for the six months ended June 30, 2024, in comparison to $0.20 million for a similar duration of terminating occasion.

Web money old in making an investment actions was once $11.03 million for the six months ended June 30, 2024, in comparison to $11.00 million for a similar duration of terminating occasion.

Web money supplied through financing actions was once $8.20 million for the six months ended June 30, 2024, in comparison to $15.14 million for a similar duration of terminating occasion.

About Hitek International Inc.

Hitek International Inc., headquartered in Xiamen, China, is a knowledge era (“IT”) consulting and answers carrier supplier in China. The Corporate has two strains of industrial: 1) products and services to miniature and medium companies, which is composed of Anti-Counterfeiting Tax Keep watch over Machine (“ACTCS”) tax units, ACTCS products and services, and IT products and services, and a couple of) products and services to immense companies, which is composed of {hardware} gross sales and instrument gross sales. The Corporate’s visible is to transform a one-stop consulting vacation spot for holistic IT and alternative trade consulting products and services in China. For more info, discuss with the Corporate’s web page at http://ir.xmhitek.com/.

Ahead-Taking a look Statements

This announcement incorporates forward-looking statements inside the that means of the guard harbor provisions of the Personal Securities Litigation Reform Employment of 1995. All statements alternative than statements of ancient reality on this announcement are forward-looking statements. Those forward-looking statements contain identified and unknown dangers and uncertainties and are according to stream expectancies and projections about time occasions and fiscal developments that the Corporate believes would possibly impact its monetary status, result of operations, trade technique and fiscal wishes. Traders can determine those forward-looking statements through phrases or words reminiscent of “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or alternative indistinguishable expressions. The Corporate undertakes negative legal responsibility to replace forward-looking statements to replicate next happening occasions or cases, or adjustments in its expectancies, apart from as is also required through legislation. Even supposing the Corporate believes that the expectancies expressed in those forward-looking statements are cheap, it can not ensure you that such expectancies will grow to be proper, and the Corporate cautions buyers that fresh effects would possibly vary materially from the predicted effects and encourages buyers to check alternative elements that can impact its time ends up in the Corporate’s registration remark and in its alternative filings with the SEC.

For investor and media inquiries please touch:

Hitek International Inc.
Investor Family members Segment
E mail: [email protected]

SOURCE HITEK GLOBAL INC

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