On February 23, GLONGHUI | Tianchang Group (02182.HK) announced that the Group expects the revenue recorded for the year ended 31 December 2023 to be reduced by at least 30% from the revenue of HK$1,143.9 million for the year ended 31 December 2022, and the net profit recorded for the year ended 31 December 2023 will be reduced by at least 60% compared to the net profit of HK$105.9 million for the year ended 31 December 2022.
The Board of Directors believes that the decrease in expected earnings and net profit is mainly due to a decrease in sales of e-cigarette products. As disclosed in the company's announcements dated March 14, 2022, June 14, 2023, and January 12, 2024, the number of sales orders for e-cigarette products declined during the year due to the cancellation of exclusive rights clauses between major customers of e-cigarette products.