According to the Zhitong Finance App, Quanfeng Holdings (02285) announced its 2023 results, with revenue of about US$1,375 million, a year-on-year decrease of 30.9%; gross profit of about US$387 million, a year-on-year decrease of 35.9%; adjusted net loss of US$366.54 million, and adjusted net profit of US$151 million in 2022; loss of US$0.07 million per share and proposed special dividend of US$0.0354 per share.
According to the announcement, the decline in revenue was mainly due to macroeconomic uncertainty and unfavorable weather in major regions, and the company's main customers adopted more conservative inventory policies. Overall gross margin decreased from 30.4% in 2022 to 28.1% in 2023, mainly due to inventory impairment provisions.