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HONG KONG, Aug 30, 2022 - (ACN Newswire) - Hengdeli Holdings Limited ("Hengdeli" or the "Company" and, together with its subsidiaries, the "Group"; stock code: 3389), a high-end consuming accessories manufacturer and international bulk commodity trade group, announced its interim results for the six months ended 30 June 2022 ("the period under review").
In the first half of 2022, the economy of Mainland China recovered well from January to February. However, due to the fluctuating pandemic across China and increased economic uncertainties, downward pressure on the economy gradually increased after March. From a global perspective, the international economic and financial environment remained off track, with the economic environment extremely unstable. Under the principle of "long-term operations", the Group adapted to the market conditions, adjusted its business to ensure the survival and health of the enterprise under severe difficulties, aiming to achieve long-term development in the future.
During the period under review, the Group recorded revenue of RMB559,018,000, representing a year-on-year increase of 24.0%; high-end consuming accessories business recorded revenue of RMB 279,769,000, representing a year-on-year increase of 32.7%; commodity trading revenue amounted to RMB 248,396,000, representing a year-on-year increase of 41.6%; watch trading sales amounted to RMB 30,853,000, representing a year-on-year decrease of 52.2%. In the first half of the year, the Group recorded a loss amounting to RMB 27,912,000, and loss attributable to shareholders amounted to RMB 22,929,000. The loss was mainly due to the decrease of gross profit resulted from the underperforming economic environment and inventory provisions.
During the period under review, due to the fluctuating pandemic across Mainland China and increased economic uncertainties, downward pressure on the economy gradually increased. In addition, the international market is ever-changing and unpredictable. The Group's high-end consumer accessories manufacturing company, namely "Guangzhou Artdeco", "Dongguan Born Talent" and "Suzhou Henge", are all facing both mainland China and international markets and are facing great difficulties and challenges. However, the Group is stability-rooted and pursues development through innovation. The Group has adopted various measures to address risks and achieved significant results. During the period under review, the overall revenue and net profit of highend consuming accessories business performed better than those in the same period last year.
During the period under review, in accordance with the established strategy, the Group continued to carry out the international commodity trading business, seeking a new profit model and future development of the Group. Due to the ever-changing global political and economic environment, the operation of the business fluctuated. While its sales increased, profits had decreased compared with the same period last year due to the fluctuations and drop in price. In order to facilitate the launch of international trading business while seeking new development directions for the Group, the Group continued to expand the existing international shipping business, serving customers including world-renowned mines and China's large-scale state-owned enterprises. In the first half of the year, the operation of the business achieved outstanding results, laying a solid foundation for the future sustainable development of the Group.
In the second half of the year, the Group will continue to adhere to the principle of "Innovative development and long-term operations", and will leverage on the environment of stable economic development in Mainland China to develop steadily. The Group will keep abreast of the market trend, adjust its business model and explore new development directions. The Group will further advance the process of international trade, continuously expand and strengthen the international shipping business closely related to international trade, and strive to grow, hoping to become a stronger participant of the international shipping supply chain in the near future, and achieve new breakthroughs in corporate development.
The Group will continue to adapt to market demands and continuously enhance the service standard of its integrated services for commercial space in both Mainland China and international markets. The Group will adjust the manufacturing of high-end accessories for renowned watches while embark on a limited number of diversified business activities to include the manufacturing of high-end consuming accessories in other high-end lifestyle products such as jewellery, cosmetics and mobile phones, and to expand its commercial space beautification services to include living space beautification services, thus becoming an indispensable independent segment in the industry ecological chain of high-end consuming accessories.
Topic: Press release summary
Source: Hengdeli Holdings Ltd
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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