Gelonghui, March 25, 丨 Tianhong International Group (02678.HK) announced that for the year ended December 31, 2023, revenue fell 4.5% to RMB 22.7 billion; gross margin fell 5.2 percentage points to 6.4%; net loss was RMB 299.4 million; loss attributable to shareholders was RMB 375.7 million, and basic loss per share was RMB 0.41 million.
The announcement stated that as far as the Group is concerned, revenue for the current year decreased by 4.5% compared to last year to approximately RMB 22.7 billion. In the current year, the Group's revenue mainly came from the sale of yarns, blanks and fabrics. Yarn sales revenue remains the Group's main source of revenue, accounting for about 77.2% of total revenue this year. Yarn sales revenue was approximately RMB 17.5 billion, which is basically the same as last year, mainly due to a recovery in domestic market demand. However, fabrics are mainly sold to overseas markets, and due to demand recovery in overseas markets falling short of expectations during the year, fabric revenue decreased by 18.8% compared to last year, to about RMB 2.9 billion.