Wu Gu Mill (01837) released its results for the six months ended June 30, 2023, with an income of 874 million yuan (RMB, the same below), an increase of 4.0% over the same period last year; profit attributable to the owners of the company was 83.17 million yuan, up 58.9% from the same period last year; and basic profit per share was 0.039 yuan.
The Group's gross profit increased from about $542.8 million in the first half of 2022 to about $558.5 million in the current period. Gross profit margin decreased from about 64.6% in the first half of 2022 to about 63.9% in the current period, mainly due to an increase in the percentage of revenue from online channels and relatively low gross margins for products sold through online channels.