On May 13, Ge Longhui | Yuyuan Group (00551.HK) announced that for the three months ended March 31, 2024, the Group's revenue was US$2,03.6 billion, down 4.9% from the same period last year. Looking back at this period, the Group's gross profit rose 1.1% to US$503.1 million, of which the gross profit of the manufacturing business rose 20.2% to US$254.1 million, mostly offset by the decline in Baosheng's gross profit. The gross margin of the manufacturing business increased 3.5 percentage points to 20.3% over the same period last year, mainly due to a significant increase in capacity utilization, flexible scheduling of production capacity, and results in cost reduction and efficiency.
Despite successful discount control, due to poor channel mix, Baosheng's gross margin remained at 33.2% during this period, while the decline in gross profit was similar to the decline in revenue. Looking back at this period, profit attributable to company owners was US$99.965 million, an increase of 96.9% over US$508.44 million in the same period last year.