On March 1, GLONGHUI | Kangli International Holdings (06890.HK) announced that the Group expects to record a net profit of not less than RMB 60 million for the year ended December 31, 2023, while a net loss of approximately RMB 31.253 million was recorded for the year ended December 31, 2022.
According to the Board of Directors, the above changes were mainly due to (1) an increase in sales during the reporting year; (2) an increase in product gross margin due to a decrease in overall production costs due to increased capacity utilization; and (3) the decline in the average sales price of products was less than the average price of raw materials.