On March 19, GLONGHUI | Changjiang Life Technology (00775.HK) announced that for the year ended December 31, 2023, it achieved revenue of HK$5.323 billion, an increase of 1% year on year; it recorded profit attributable to shareholders of HK$17.25 million, a year-on-year decrease of 87%, with a basic profit of 0.18 cents per share.
Over the past three years, the business environment has been turbulent. In 2021, as the coronavirus epidemic began to recede, the company promptly raised prices, streamlined operations and improved efficiency to mitigate the impact of inflation, labor shortages and supply chain disruptions. When central banks around the world raised interest rates sharply in 2022 to contain inflation, the company has established a sound operating foundation that can withstand some of the effects of rising financial expenses and the weakening exchange rate of foreign currency against the Hong Kong dollar. Changjiang Life Technology reviewed its operating conditions during the year and mitigated challenges such as rising costs and supply chain and labor supply disruptions caused by the coronavirus pandemic last year. However, high interest rates continued to put heavy pressure on financial management throughout the year.