Hongyang Service (01971) announced that the Group expects to achieve net results for the year ended December 31, 2023...
According to the Zhitong Finance App, Hongyang Service (01971) announced that the Group expects to obtain net profit of about RMB 10 million to RMB 20 million for the year ended December 31, 2023 (same period in 2022: net profit of RMB 93.9 million), down 79% — 89% from the same period in 2022.
According to the announcement, the decline in net profit this year was mainly due to factors such as the impact of the real estate industry market environment. The Group's related real estate developer customers faced liquidity difficulties, and impairment preparations for accounts receivable from related parties increased dramatically; reduced demand for real estate development project services; and a decline in revenue from value-added services for non-owners.