Gelonghui, March 26 | H&H International Holdings (01112.HK) announced that for the year ended December 31, 2023, the Group's revenue increased 9.0% (according to reporting basis) or 8.2% (similar comparison basis) compared to 2022 to RMB 13.926.5 billion, mainly driven by strong growth in nutritional supplements. In 2023, revenue from high-profit and rapidly growing nutritional supplements in all three strategic business divisions of the Group increased by 28.6% year-on-year on a similar comparative basis, accounting for 60.4% of the Group's total revenue.
In 2023, the Group recorded gross profit of RMB 8,294.3 billion, up 7.7% from last year. The Group's gross margin declined slightly from 60.3% in 2022 to 59.6% in 2023, mainly due to a decline in the performance of the infant nutrition and care products segment, which was partially offset by an increase in gross margin in the adult nutrition and care products and pet nutrition and care products division. Excluding one-time inventory write-off and provision of RMB 178.6 million for imported infant formula products, the Group's normalized gross margin in 2023 was 60.8%.
The adjusted comparable EBITDA rose 12.4% year over year to RMB 2,215 billion in 2023. The adjusted comparable EBITDA margin increased from 15.4% in 2022 to 15.9% in 2023. The adjusted EBITDA margin increased, mainly due to the higher revenue share of high-margin nutritional supplements in the beneficial product portfolio and ongoing efforts to improve expenditure efficiency. EBITDA in 2023 rose 7.4% year over year to RMB 1,984.9 billion.