#China #Tianjin #Taoping Inc. #Smart Elevators #Skyladder Technology

Taoping Inc. Lands Major Smart Elevator Contracts Worth Over $5.5 Million

Taoping Inc. (Nasdaq: TAOP), a prominent player in the realm of cloud-based technologies and Smart City IoT platforms, recently celebrated a significant milestone with its wholly-owned subsidiary, Skyladder (Tianjin) Technology Development Co., Ltd., securing multiple smart elevator projects cumulatively valued at over $5.5 million. This strategic accomplishment underscores the growing demand for Taoping's innovative products and services in the smart urban space.

Strengthening Urban Growth Initiatives

Among the new contracts is a follow-on project located within the China-Singapore Tianjin Eco-City. This reflects Taoping's responsiveness to urban growth needs and highlights the shift within the elevator market from merely providing new installations to a more comprehensive approach that encompasses modernization, safety, and overall lifecycle management.

Currently, there’s a push in China for extensive urban renewal, which includes plans for over 575,000 residential elevators to be upgraded or installed throughout the nation as laid out in the details of the 15th Five-Year Plan. This initiative not only aligns with Taoping's business model but also positions the company as a crucial player in the evolution of urban infrastructure.

The market is evolving, as emphasized by statements from officials at the recent State Council Information Office press conference, which discussed the integration of artificial intelligence in various sectors. Such technology adoption is a central element of Taoping's growth strategy, especially as they aim to expand their portfolio of intelligent infrastructure solutions.

Emphasis on Smart Technology

Taoping’s proprietary smart elevator management platform plays a vital role in meeting this demand. Its features include real-time operational monitoring, fault alerts, predictive maintenance, and streamlined workflow management, which collectively aid customers in transitioning from reactive maintenance to proactive service. This innovation is key in enhancing the performance and reliability of elevators, affirming Taoping’s commitment to safety and quality.

Mr. Bin Ma, Co-CEO of Taoping, expressed his enthusiasm about the contracts, stating, “These orders provide further evidence that our AI-powered smart elevator growth strategy is gaining important commercial momentum. Urban renewal is expanding the market for elevator modernization with customers demanding improved safety, reliability, and maintenance efficiency over the full equipment lifecycle.”

He further elaborated on the company’s strategic shift towards a 'Project + Platform Subscription' model designed to generate a greater mix of recurring service revenue. The intent is clear—execute these projects efficiently, broaden market reach, and ultimately create sustainable growth and shareholder value.

Looking Ahead

As the urban landscape in China continues to transform, Taoping Inc. is well-positioned to capture various opportunities in the smart elevator and intelligent infrastructure sector. The combination of advanced technology and a robust business strategy ensures that Taoping remains at the forefront of the industry's evolution. With an established ecosystem and an extensive portfolio of high-value products, Taoping is dedicated to driving smart city innovations and enhancing urban living standards for the future.

For additional information about Taoping Inc. and its advancements, visit http://en.taop.com.

Safe Harbor Statement: This document includes forward-looking statements that involve various risks and uncertainties. These statements reflect our expectations and may differ from actual results due to factors beyond our control. For more details on these risks, please consult Taoping's filings with the U.S. Securities and Exchange Commission.