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The company said it will step up efforts in developing new technology, product, channel and ecosystem and will improve its AI-enabled products to cover more types of diseases in the coming years.

The company's sales peaked in 2011, with some 220,000 units sold in the year. But sales have fallen ever since. Statistics show just 21,000 units sold in China from January to May in 2018, a 47 percent fall year-on-year.

The company said in its earnings report filed to the Shenzhen Stock Exchange on Friday that it realized a net profit of 1.86 billion yuan (1 million) attributable to common shareholders in the first half of 2020, up 26.3 percent year-on-year.

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The company said it sticks to high-end manufacturing and products.

The company is in danger of shutting production by Labor Day unless the Commerce Department grants it an exclusion from paying the tariffs, company spokesman James Glassman told CNN on Tuesday. Mid Continent Nail is "on the brink of extinction," he said.

The company's new versions of iPhone, however, are expected to be launched next month, according to an earlier Bloomberg report.

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The company owns diversified business interests, focusing on aviation, tourism, logistics and financial services with operations worldwide.

The company will also help make the Beijing 2022 Winter Olympics greener.

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The company's success in Africa has been largely based on cheap feature phones, and it will focus more on smartphones, considering the rising purchasing power of the market.

The company said the downgrading of the forecast could be attributed to a number of factors including a stronger US dollar and higher tariffs caused by the trade tensions between China and the United States.