Gelonghui August 29?China Ting Holdings (03398.HK) reported interim results, with revenues of HK $819.9 million in the first half of 2023, down 12.6 per cent from HK $938.6 million in the first half of 2022. In the first half of 2023, gross profit was HK $162 million, up 6.1 per cent from HK $152.7 million in the first half of 2022. The loss attributable to equity holders of the company is HK $91.7 million. The loss per share was HK4.37 cents and the net asset value per share was HK $1.05.
The group's OEM/ODM business performed poorly in the first half of 2023, with revenue of HK $495.3 million, down 27.3% from the first half of 2022, mainly due to weak demand from US customers. On the other hand, the Group's production capacity in Vietnam and Cambodia has not yet been formed and cannot make up for the loss of purchase orders in China.
Retail business after the end of three years of epidemic control, retail business and logistics services have entered a state of normalization, so the overall growth is relatively fast. Retail business increased by 29.1% in the first half of 2023, and the number of offline stores also reached the expected level. As the key work of this year, online sales has become an important channel to promote the rapid development of retail business. A stable and good domestic retail market will provide broad opportunities for the development of the group's own-brand retail business.