On January 25, GLONGHUI | Vinda International (03331.HK) announced that for the year ended December 31, 2023, the Group's revenue achieved a natural increase of 6.9% to HK$19.99 billion. As far as business segments are concerned, the tissue segment and personal care segment respectively account for 83% and 17% of the Group's total revenue. Revenue from traditional dealers, modern channel supermarkets, commercial and e-commerce sales channels accounted for 23%, 21%, 10%, and 46% of total revenue, respectively. As a mainstream sales channel, e-commerce maintained a strong momentum, and sales recorded a natural increase of 12.6% over the same period last year.
In 2023, revenue from the tissue business was HK$16.655 billion, up 3.4% year over year. Excluding exchange rate effects, the increase was 7.6%, accounting for 83% of the Group's total revenue (2022:83%). During the year, the Group adhered to a high-end strategy, driving the Group's high-end paper product portfolio to achieve double-digit sales growth, further consolidating its dominant market position in mainland China and Hong Kong, China. Thanks to the high profit margins of high-end categories, the impact of high-cost wood pulp inventories and promotions was reduced to a certain extent. At the same time, the tissue business in the Southeast Asian market also performed well. Sales rose steadily, and sales achieved a natural increase of 24.4% over the same period last year. In terms of the profit margin of the tissue division this year, the gross margin of the tissue division was 24.9%, and the profit margin of the segment performance was 2.4%.