On March 20, GLONGHUI Co., Ltd. (02499.HK) announced its annual results. For the year ended December 31, 2023, revenue was approximately RMB 1,371.8 billion, up 14.9% year on year; net profit was approximately RMB 31.2 million, and adjusted net profit was approximately RMB 70.4 million, up about 98.9% year on year.
The company is a leading provider of on-site logistics equipment solutions in China. It has established a market position in the industry and provides services covering the entire life cycle of on-site logistics equipment, including equipment subscription, maintenance, and disposal. As of December 31, 2023, the company has 67 offline service outlets in 47 cities across the country and manages more than 45,000 on-site logistics equipment. Due to the steady expansion of the company's business, combined with improvements in operating capacity and scope, the company achieved extraordinary financial success in 2023, and adjusted net profit grew strongly and almost doubled.