Fengxiang Co., Ltd. (09977) announced that compared with the audited consolidated net loss of approximately RMB 769 million for the year ended 31 December 2022, the Group expects to obtain a net profit of approximately RMB 140 million to RMB 160 million for the year ended 31 December 2023.
The board of directors of the company believes that the expected change in loss to profit in 2023 is mainly due to (i) the continuous growth of export business and important customer business revenue thanks to the Group's multi-channel layout; and (ii) the increase in production efficiency and cost reduction due to reliance on the refined management of the Group's management and all employees.