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Tuesday, 21 March 2023, 21:15 HKT/SGT

Source: Hengdeli Holdings Ltd
Hengdeli Announces 2022 Annual Results
Forge Ahead with Innovative Development

HONG KONG, Mar 21, 2023 - (ACN Newswire) - Hengdeli Holdings Limited ("Hengdeli" or the "Company" and, together with its subsidiaries, the "Group"; stock code: 3389) announced its annual results for the twelve months ended 31 December 2022 ("the year under review").

In 2022, the global economy was severely affected by a combination of factors which hampered the recovery of the world economy. Mainland China's economy started off well at the beginning of 2022. However, the recurrent outbreak of COVID-19 during the year seriously disrupted the economic growth progress and posed significant challenges to the Group. Facing these challenges, the Group continued to undertake a "Solid, Steady and Long-term operations" and have adjusted its business in line with the market, in order to ensure the survival and development and committed to safeguard the interests of shareholders.

During the year under review, the Group recorded revenue of RMB1,259,579,000 (2021: RMB992,962,000), representing a year-on-year increase of 26.9%; high-end consuming accessories business recorded revenue of RMB630,330,000 (2021: RMB550,933,000), representing a year-on-year increase of 14.4%; international commodity trading recorded revenue of RMB408,956,000 (2021: RMB327,061,000), representing a year-on-year increase of 25.0%; watch trading sales amounted to RMB220,293,000 (2021: RMB114,968,000), representing a year-on-year increase of 91.6%. The Group recorded a loss of RMB 88,139,000 during the year (2021: profit of RMB20,210,000) and loss attributable to equity shareholders amounted to RMB80,022,000 (2021: profit of RMB26,282,000). The loss was mainly attributable to the lower gross profit and the foreign exchange losses incurred by the operating units as a result of exchange rate fluctuations.

During the year under review, China's economy was under tremendous pressure, and the high-end consuming accessories business of the Group was also deeply affected. However, the Group is stability-rooted and pursues development through innovation. The Group has adopted various measures to address risks and achieved an increase in revenue from the accessories business. However, there was no improvement in profit compared to the same period last year due to the expansion of new projects and a significant increase in labour costs and others.

During the year under review, in accordance with the established strategy, the Group continued to carry out the international commodity trading business, exploring a new profit stream and future growth for 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 addition, to align with the development of its international trading business, the Group continued the in-depth development of its international shipping business. During the year, apart from working closely with the world-renowned mines and multiple large state-owned enterprises, the Group's shipping company established cooperation with Libra Group, India's largest coal trader, and signed several voyage charter contracts consecutively, laying a solid foundation for the Company's shipping business to expand its visibility in the Indian market. At the same time, the Company also successfully commenced its first shipment of Mexican industrial salt to China, opening up a new cargo category for the Company. The Group's shipping business achieved rapid growth and strong performance during the year under review, contributing to the Group's future development.

During the year under review, in line with the established strategy, the Group liquidated its remaining watch stocks and completely ceased its renowned watch operations.

In 2023, the Group will continue to adhere to the principle of "sound, steady and long-term operations" in accordance with the new strategic development direction. Leveraging on the stable economic environment in Mainland China, the Group will keep abreast of the market to constantly adjust and strengthen new business models based on the steady development of its existing business. 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 implementing diversified business initiatives 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
From the Asia Corporate News Network

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