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RHT Rajan Menon Foundation presents Gentle Bones Charity Concert on 22 July 2022

SINGAPORE, May 29, 2022 - (ACN Newswire) - Local singer-songwriter Gentle Bones will return to the stage for a good cause in collaboration with RHT Rajan Menon Foundation...

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ACROMETA clinches record $31 million contract for semiconductor industry

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SINGAPORE, Apr 22, 2022 - (ACN Newswire) - Catalist-listed AcroMeta Group Limited (ACROMETA; SGX: 43F), today announced that its wholly owned subsidiary AcroMec Engineers Pte Ltd (ACROMEC) has won a $31 million contract for the fit-out of an additional floor within the existing integrated advanced manufacturing facility in Singapore of a leading high-tech customer. When completed in 2023, the expansion will substantially increase its manufacturing capacity.

ACROMEC's specialties in controlled environment engineering

The ability to succinctly and precisely control physical variables such as temperature, air purity, humidity, and pressure in facility, like the product manufacturing space is a mission critical requirement. ACROMEC is ready to take on this project with the requisite track record, having completed numerous projects in clean rooms, laboratories and advanced manufacturing facilities.

Completion of previously announced project for Nasdaq-listed Genscript Biotech's Singapore R&D and manufacturing facility

ACROMEC'S strong track record is also seen having, earlier on, successfully completed the prestigious contract for the design and construction of Genscript's R&D and production laboratory facilities where they are used for the manufacture of the first-in-world C-Pass Serological Test Kit by the Duke University-NUS Medical School collaboration. C-Pass is a game-changing blood testing kit that determine a person's level of immunity against COVID-19 after vaccination.

Strong outlook for ACROMETA's controlled environment engineering business

ACROMETA Co-Founder, Chairman and CEO Lim Say Chin is heartened by the sizeable contract win. It reflects well on the high level of confidence that our Customer has on us. He said, "We are optimistic on the growth of our controlled environment business. Our business is well positioned for the Post-COVID world. We are having more customers investing in building facilities again for the future, both to prepare for the next pandemic and to prepare for technological growth. Indeed, we see activities building up in the biotechnology and semiconductor sectors, and we are glad to serve this space."

The contract is expected to commence soon and will materially contribute positively to the earnings per share and net tangible assets per share of the Group for the financial year ending 30 September 2022.

SGXNET Reference: https://tinyurl.com/SGX-43F-20220422

About AcroMeta Group Limited [SGX: 43F] [RIC: ACRI.SI] [BB: ACRO.SP]

AcroMeta Group Limited (previously AcroMec Limited) is an established specialist engineering services provider with more than 20 years of experience in the field of controlled environments. The Group has over the years acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.

ACROMETA's business is divided into two main segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical and process works within controlled environments; and (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure.

The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA counts amongst its customers, hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.

The company has been listed on the Catalist board of the SGX since 2016, and became AcroMeta Group Limited (previously AcroMec Limited) on February 18, 2022. For more information, please visit www.acrometa.com.

Media and Analysts Contact:
ACROMETA Group Limited
Mr Jerry Tan
Chief Financial Officer
Tel: +65 6415 0574
Email: jerry.tan@acromec.com

Waterbrooks Consultants Pte Ltd
Mr Wayne Koo
Tel: +65 6958 8008 / +65 9338 8166
Email: wayne.koo@waterbrooks.com.sg
Email: query@waterbrooks.com.sg

This media release has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCatalist-listed AcroMeta Group Limited (ACROMETA; SGX:43F), today announced that its wholly owned subsidiary AcoMec Engineers Pte Ltd (ACROMEC) has won a $31 million contract for the fit-out of an additional floor within an existing integrated advanced manufacturing facility in Singapore of a leading high-tech customer.

CMGE’s (0302.HK) seven-fold growth in international revenues: an emerging growth engine

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HONG KONG, Apr 13, 2022 - (ACN Newswire) - Despite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 million in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report. The company's gross profit margin increased to 37.2% in 2021 from 32.0% in 2020, while gross profit totaled RMB1,473 million, a year-on-year increase of 20.5%.

Jian Xiao, Executive Director, Chairman and CEO of CMGE, stated at the Performance Meeting that several games to be released in 2021 had been delayed due to the failure of achieving the game license as scheduled, as well as greater contributions to development and research, caused 2021 adjusted net margin to decline by 21.9%

With strong performance in 2020, CMGE's performance in 2021 is virtually superior to that of most peer companies.

01. The company's games have achieved international success with a year-on-year international game publishing revenue increasing by 7,260%, and another growth engine emerges.

CMGE's financial statements show that its profits are essentially sourced from developing and operating IP-based games, RMB905 million of which is sourced from the profits of its game development, representing a year-on-year increase of 23.9% and accounting for 22.9% of its annual business revenues, and RMB232 million of which is sourced from the profits of its IP licensing, doubled over the last year, representing a year-on-year increase of 106.9%, showing the abundant IP reserves and outstanding performance of its self-development strategy.

It's noteworthy that CMGE gained revenue of RMB459 million overseas, a year-on-year increase of 72 times. With this growth, its international revenue increased to 11.6% in 2021 from 0.2% in 2020, sharply representing the great progress from its overseas strategy of games.

According to an insider, it's inevitable for domestic game developers to make a breakthrough by surviving on international markets under the more serious regulation. Also, to survive on international markets, the company is facing challenges in all aspects such as the research and development of products, operation, marketing and organization. To survive on international markets has become a key indicator to measure whether a game developer is of competence.

At the Performance Meeting, Jian Xiao stated that CMGE, having committed to international game markets, has provided multiple games products in Hong Kong, Macao and Taiwan, Southeastern Asia, Europe and America and has created professional localization teams in products operation, marketing, user service and advertising. With the success of several products in practice, the international markets will be further developed, the revenue of which will also be increasing.

02. The company has laid a strong foundation for challenges with a year-on-year contribution increase of 48.9% in R&D for core competence of excellent self-developed products.

The research and development is a must for excellent products, and CMGE's financial statements shows that it has been committed to the research and development. As indicated by a set of data, CMGE has a R&D team of 624 professionals by the end of the period, representing a year-on-year increase of 30.0%; its contributions to the R&D are increased from RMB208.6 million in 2020 to RMB310.7 million in 2021, representing a year-on-year increase of 48.9% and accounting for 7.9% of the corporate revenue.

CMGE has also invested in great game developers to develop game business. According to the financial statements, CMGE has invested in over 20 game developers directly or by convertible bonds in recent years.

With its investment, merger and self-development, CMGE's R&D has become mature gradually with five major game types - numerical games, platform games, strategy games, E-sports games and card games, and several new R&D studios and subsidiaries have also been established.

In the long run, the enhanced R&D will lay a strong foundation for the continuous development of products for a game company.

Jiao Xiao believes that as the game industry has been more and more limited and regulated, the game companies must pay more attention to high-quality, multi-platform and long-cycle products and gain profits of one game from multiple platforms. Also, the companies need to attract more loyal customers and enhance user stickiness by the worldview and IP of games, social function and other factors.

Driven by technologies, the game developers should develop more quality products to meet new demands of gamers. The game "Sword and Fairy: World" self-developed by CMGE to be released is a model one.

"Sword and Fairy: World", based on the worldview and IP of "Sword and Fairy", is an immersive open-world RPG where gamers are provided with great freedom to make choices. The game is available on multiple devices including PC, console, mobile phone and VR. The game art meets the VR standard to offer the best immersive experience for gamers. CMGE expects that "Sword and Fairy: World" will be developed into a bestselling strategy game with an annual revenue of over RMB3,000 billion, a high profit ratio and a long life cycle.

03. The company expects a promising future as the returns of self-developed products in international markets will begin after significant games are released.

Next, CMGE is going to release a series of self-developed products and further promote its international markets strategy to earn more reputation among international gamers.

CMGE is scheduled to release several new games with license in the first half of 2022, including "A New Record of a Mortal's Journey to Immortality", "Ultraman: Assembly" and "All Star Fight" that were released this January.

In addition, CMGE is also looking forward to the license of several major new games including "Sword and Fairy: Wen Qing", "Rakshasa Street: Chosen One", "Cultivation Fantasy" and "Daily Life of Group Chat".

As for the expected time when the license will be granted, Jian Xiao holds the view that the reason why the authority has stopped granting game licenses is essentially related to the improvement and review of the game protection system for the minors. In the long run, the government will still support the healthy development of game industry.

In addition, the key product "Sword and Fairy: World" is about to undergo the first test in August 2022 and to be released around the middle of 2023. And the E-sports game "Code: Basketball 3V3" developed by Shanghai Zhoujing will be tested by the end of 2022 and released around the middle of 2023.

At the Performance Meeting, Jian Xiao stated that considering the status quo, the company's R&D will truly pay off in 2023 with a target that the revenue of independent R&D business accounts for 40% or even more of the total revenue in 2023.

Please contact:
PEANUT MEDIA LIMITED
Lu Jing / He MeiYu
Direct Line: (+86) 755-61619798 +8210
Email: hswh@czgmcn.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comDespite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 billion in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report.

RTO of LTKM Berhad via the Acquisition of EMS Business for RM336 Million

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KLANG, Malaysia, Apr 8, 2022 - (ACN Newswire) - LTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.

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Chai Voon Sun, co-founder and Managing Director of Local Assembly [L] and Executive Chairman of LTKM, Datuk Tan Kok

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Wee Thian Song - Co-founder, Executive Director and Engineering Director of Local Assembly; Gurmakh Singh - Co-founder, Executive Director and General Manager of Local Assembly; Datuk Seri Chiau Beng Teik - Executive Chairman of Chin Hin Group Berhad; Chai Voon Sun - Co-founder and Managing Director of Local Assembly; Datuk Tan Kok - Executive Chairman of LTKM; Tan Kah Poh, Kenny - Independent Director of LTKM; Rahman Ali Bin Abdul Wahab - Director of Proven Venture Sdn. Bhd. [L-R]

Executive Chairman of LTKM, Datuk Tan Kok said, "At its core, the proposals seek to reward our shareholders from the proceeds of the disposal of the Company's existing poultry business while at the same time, allow them to continue participating in the new EMS business following the proposals."

"The proposed disposal comes amid the challenging operating landscape for the poultry industry brought on by overcapacity, low average selling price of eggs, high raw material prices, difficulty in controlling disease outbreaks in the farms and acute labour shortage. In relation to these challenges, we have also incurred losses in the recent financial years ended 31 March 2020 to 2021 and for the nine-month period ended 31 December 2021. This has affected our ability to pay dividends too."

"Concurrent with the proposed disposals, we believe the proposed acquisition of the EMS business is an opportunity to create value for our shareholders through a business that is viable and profitable."

Briefly, the proposals comprise the following inter-conditional steps:

1. Proposed disposal of LTKM's existing business to Ladang Ternakan Kelang Sdn Bhd (LTKSB) for a total cash disposal consideration of RM158.83 million. LTKSB, which holds 71.6% of the equity interest in LTKM, is also the holding company of LTKM;

2. Proposed special dividend and capital repayment of RM1.1098 per LTKM share totalling RM158.83 million on an entitlement date to be determined;

3. Proposed consolidation of two existing LTKM shares into one LTKM share following the proposed special dividend and capital repayment;

4. Proposed acquisition by LTKM, of 100.0% equity interest in Local Assembly Sdn Bhd (Local Assembly) from Chai Voon Sun, Gurmakh Singh a/l Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd (Vendors) for RM336.00 million to be satisfied through cash of RM100.00 million and the issuance of 393,333,333 new LTKM shares at an issue price of RM0.60 each;

5. Proposed restricted issue of 230.00 million new LTKM shares at an indicative issue price of RM0.60 each, representing 33.1% of the enlarged share capital of LTKM after the proposals to investors to be identified;

6. Proposed exemption to the vendors and persons acting in concert from the obligation to undertake a mandatory take-over offer to acquire the remaining LTKM shares not already owned by them upon completion of the proposed acquisition; and

7. Proposed change of name to "LA Technology Berhad" from "LTKM Berhad".

The proposed acquisition will result in a significant change in LTKM's business direction from a producer of chicken eggs to becoming an EMS provider. Local Assembly, an EMS provider, will become a wholly-owned subsidiary of LTKM while the vendors of Local Assembly will become LTKM's controlling shareholders with a 56.6% equity interest in the Company following the proposed acquisition and proposed restricted issue. By virtue of his shareholding in Divine Inventions, Datuk Seri Chiau Beng Teik, the Executive Chairman of Chin Hin Group Berhad, will become a major shareholder of LTKM.

Under the proposed acquisition, the vendors have provided a profit guarantee for Local Assembly of a minimum profit after tax (PAT) of RM28.00 million for the financial year ending 31 December 2022 or not less than an aggregate of RM50.00 million PAT for both financial years ending 31 December 2022 and 2023. Based on the guaranteed PAT of RM28.00 million for the financial year ending 31 December 2022, the purchase consideration represents a price to earnings multiple of 12 times.

For Chai Voon Sun, co-founder and Managing Director of Local Assembly, the listing of Local Assembly via LTKM means a realisation of 2 decades of hardwork for him and his co-founders and a step forward in the company's journey of growth and expansion. "This transaction is a major milestone for Local Assembly. We look forward to the next phase of our corporate journey as a listed entity, which will further accelerate our growth as an EMS player, allow us to expand our customer base and product offerings and pursue more opportunities" he adds.

Local Assembly, which started operations in 2000, is a manufacturer of electronic, electrical and plastic injection moulded components, and sub-contract assembler of electrical appliances and equipment. Its principal markets are Malaysia and Singapore. For the financial year ended 31 December 2022, Local Assembly achieved PAT of RM20.06 million on the back of a revenue of RM116.35 million.

The application for the proposals is expected to be submitted to the relevant authorities by the second quarter of 2022. Subject to approvals from relevant parties including Securities Commission, Bursa Securities Malaysia Berhad as well as shareholders of LTKM, the proposals are expected to be completed in the first half of 2023.

M & A Securities Sdn Bhd is Adviser to LTKM for the proposals.

LTKM Berhad: https://www.ltkm.com.my/
LTKM Berhad: 7085 / [BURSA: LTKM] [RIC: LTKM:KL] [BBG: LTKM:MK]

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.

MineDollars Introduces Users To The World Of Passive Income… | Global Live Breaking Crypto News | Metaverse News

In the cryptocurrency sector, mining cryptocurrencies is without doubt one of the greatest methods to earn.  Mining cryptocurrencies like Bitcoin and Ethereum, alternatively, may be expensive because of the want for high-end laptop machines. Furthermore, the expense of sustaining these units is big and out of attain for the standard crypto fanatic. This is why […]

The post MineDollars Introduces Users To The World Of Passive Income… | Global Live Breaking Crypto News | Metaverse News appeared first on Bitcoin Upload.

Building Bitcoin Communities: In El Salvador And Beyond

The Built With Bitcoin Foundation supports Bitcoin education and philanthropy in communities around the world that need financial freedom the most.
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Cylum Launches Highest APY Staking Reward in the Crypto Space

London, UK, Apr 1, 2022 - (ACN Newswire) - Cylum Finance, a DeFi 3.0 platform, has launched the highest APY staking reward in the crypto industry. Over the years, crypto investors and traders have staked their assets for relatively average returns. Although these investors earned interest on their staked crypto assets, there is huge room for improvement. Offering an increase in APY for staked assets will undoubtedly incentive more investors to enter the market.

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The mission of the Cylum project is to give crypto investors a more profitable reason to stake their assets on its platform.

Cylum Highest APY Reward

Cylum offers up to 395,677% APY within the first year for investors who hold the $CYM token. Since the history of crypto staking, no project has offered investors such high returns on their investment. The unique smart contract that powers Cylum's APY leverages compound interest in its reward system. As a result, all investors earn rewards every minute of the day with Cylum. The team plans to increase the earnings of investors with the launch of the mainnet offering. The mainnet also has a multi-chain decentralized application (Dapp) developed to offer users more utility within the ecosystem.

Cylum Unique Features & Uses

  • Auto-Staking & Compounding

In most existing DeFi projects, token holders have to stake their crypto assets manually. With Cylum's auto-staking and compounding, it is entirely different. Every process is automated and designed to favor investors. By purchasing and holding these tokens, investors earn active rewards directly to their respective wallets.

After the annual compound interest of 395,677% within the first year, the APY will begin to decrease.

  • Automatic-Burn

To reduce the number of $CYM in total supply and drive up the value of each token, the team is looking to make $CYM a deflationary token. With auto-burn, the team will make the token more valuable as a result of the decrease in supply and increased demand. The auto-burn feature is an algorithm created to automatically eliminate 2% of the $CYM token total supply once it is launched.

About Cylum Finance

Cylum is a DeFi 3.0 project launched to revolutionize crypto staking and reward system. Skilled developers created it with unique code. The project operates an amazing set of mechanics that ensures the protocol remains sustainable. The team also incorporated additional unique features that confer a competitive advantage on the project. Crypto staking has become one of the top ways investors make money from the market. A great platform like Cylum is essential to attracting more players to this sector of the crypto market.

The Cylum protocol serves as a launchpad for metaverse projects deployed on the Binance Smart Chain (BSC). In addition, its cylinder insurance fund ensures it is low risk with high rewards for investors.

Social Media
GitHub: https://github.com/cylumfinance
Telegram: https://t.me/cylumfinance
Twitter: https://twitter.com/cylumfinance
YouTube: https://www.youtube.com/channel/UC5h7sQkZiqMLBTA0JIFx5wQ

Media contacts
Brand: Cylum Finance
Contact Person: Jennifer Rodgers, Marketing Manager
E-mail: support@cylum.io
Website: https://cylum.io
LinkedIn: https://www.linkedin.com/in/jenifer-rodgers-51a3383a/

SOURCE: Cylum Finance



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

Solargiga Turns Around to Profit in FY2021 With Net Profit at RMB$193.2 Million

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HONG KONG, Mar 30, 2022 - (ACN Newswire) - Solargiga Energy Holdings Limited ("Solargiga" or the "Group"; HKEX: 757), a leading vertically integrated enterprise that manufactures monocrystalline photovoltaic products for generating solar energy in the PRC, announced today its annual results and that it turned around to profit for the year ended 31 December 2021.

Driven by increase in sales of its major products, photovoltaic modules and monocrystalline silicon wafers, plus the climb in average selling price of silicon wafers, the Group's revenue increased by 17.4% to RMB7,105.0 million, with total external shipment volume up 7.8% year-on-year. It achieved a significant turnaround with profit attributable to owners of the parent at approximately RMB193.2 million when compared with a loss recorded last year, mainly due to substantial increase in its high-efficiency production capacity and economies of scale, which helped widen its overall gross profit margin.

During the year under review, as a result of the increase in sales of monocrystalline solar wafers which boast a higher profit margin, the Group's gross profit rose by 50.1% to RMB879.1 million, with gross profit margin improved to 12.4%. As such, earnings before interest, taxes, depreciation and amortisation ("EBITDA") of the Group surged by 189.7% to RMB799.7 million

In 2021, the Group continued to invest in and upgrade existing production capacity which, together with the economies of scale reaped, saw its operating profit increase significantly, with net cash flows from operating activities up by a substantial 82.8% to RMB1,030.4 million in 2021 (2020: RMB563.5 million).

Business Review

Silicon ingots and wafers business

During the year under review, since monocrystalline products have advantages over multicrystalline products in photovoltaic power generation, the market share of monocrystalline products continued to increase rapidly. With most of the Group's monocrystalline silicon ingot products reserved for internal use, the external shipment volume of them was 414.4 MW (2020: 710.8 MW), whereas that of monocrystalline silicon wafers increased significantly to 4,087.0 MW (2020: 3,145.8MW), an over 30% climb against the previous year.

Apart from traditional monocrystalline P-type products, the Group also manufactures monocrystalline N-type products with higher conversion efficiencies. As TOPCON cells and heterojunction HJT cells with monocrystalline N-type silicon wafer base are expected to become the mainstream next-generation photovoltaic cells, to capture that trend, the Group managed to accomplish technical breakthrough and product marketisation of monocrystalline N-type silicon ingot and has started supplying N-type silicon ingots and wafers to domestic and foreign customers.

The Group's production base for monocrystalline silicon ingot and monocrystalline silicon wafer in Qujing, Yunnan, the PRC, started mass production during the year. As the facility enjoys various local government preferential investment policies, and more importantly, the decrease in local electricity cost, being the major manufacturing cost of ingot-pulling, of more than 50% compared to the major production base in Jinzhou, Liaoning. That can help improve the Group's overall gross profit margin. Therefore, the Group has continued to expand the production capacity there to meet the rapid growth of customer demand. As at year end, the annual production capacity of monocrystalline silicon ingots and monocrystalline silicon wafers of the facility were 4.3 GW and 2.5 GW respectively.

Module business

To concentrate resources on developing more niche products, the Group adjusted its operating strategy, ceasing manufacturing solar cells last year and moved its focus onto upstream monocrystalline silicon wafers (ingot) and downstream modules as its two major products.

During the year, the Group continued to expand module production capacity in Yancheng, Jiangsu, to meet the needs of module customers and further strengthen economies of scale. As at year end, the module production capacity of Yancheng, Jiangsu reached 5.4 GW, out of the 7.2 GW total of the Group. The production base also enjoys various local government preferential investment policies, plus the Group can take advantage of significantly lowering the investment in capital expenditure by renting plant buildings. Moreover, the area around the Yangtze River Delta is where raw and auxiliary materials that the Group needs agglomerate, meaning the Group has advantage in procurement.

Excellent product quality and price competitiveness allow the Group to secure stable and sizeable customers. Modules were mainly sold externally to large state-owned enterprises and international multinational enterprises, such as State Power Investment Corporation ("SPIC"), SHARP Corporation ("SHARP"), Xinyi Glass Holdings Limited and Xinyi Solar Group and CGN New Energy Holdings Co., Ltd., etc. The Group has been SHARP's largest processing service partner for photovoltaic module for nine consecutive years and has been cooperating in continually expanding module sales to foreign customers.

Prospects

The Group embraces the "one base, two wings" strategic layout, with its base in Jinzhou, Liaoning, and Qujing in Yunnan and Yancheng in Jiangsu as its two wings. The layout has given it low-cost and high-efficiency productivity advantages and become one of the driving forces for the gross profit margins growth of its monocrystalline silicon ingots and silicon wafers. It expects that, by the end of 2022, the annual production capacity of monocrystalline silicon ingot and silicon wafers in Qujing, Yunnan will be increased to 6.0 GW and 3.6 GW, representing 81% and 49% of the Group's total annual production capacity of the products, respectively. On top of boosting the Group's gross profit margin, the layout will also enable the Group to fully unleash its technological advantages and achieve progress.

Regarding module production capacity, by the end of 2022, the annual production capacity of the plant in Yancheng, Jiangsu will increase to 6.4 GW, taking the Group's overall annual module production capacity to 8.2 GW.

In addition, the Group has been actively expanding the end-user power plants construction and application business, which has not only driven sales of module products from bottom-up, but also it will spread the profit of construction and operation of photovoltaic system businesses, helping improve the Group's overall profitability. Apart from having internal photovoltaic power plant system established and run by its wholly owned subsidiaries, the Group also plans to form joint ventures with companies from other industries to develop BAPV and BIPV business.

Mr Tan Wenhua, Chairman of Solargiga, said, "In 2022, newly installed photovoltaic power generation capacity is expected to continue to grow rapidly worldwide. That plus supportive government policies will see medium- and long-term demand for photovoltaic products climb robustly in the PRC and the global market. Marketisation will continue for photovoltaic products and the industry will move away from policy subsidies towards self-sustainable development. Technological progress will help reduce power generation cost conducive to achieving grid parity, and in turn will draw explosive demand growth.

"With proven business strategy in place, we are well prepared to apply our existing advantages to capture the tremendous opportunities in the photovoltaic industry in the good times ahead, and also help China achieve her 'carbon neutrality' goal by 2060 and contribute to sustainable development of the world."

About Solargiga Energy Holdings Limited (HKEX: 757)
Solargiga Energy Holdings Limited is one of the leading manufacturers of solar energy monocrystalline photovoltaic products in the PRC. Through advantages in vertical integration, the Group focuses on manufacturing monocrystalline silicon wafers and photovoltaic modules, and designing and installing photovoltaic systems. The majority of the Group's products are currently sold to domestic state-owned enterprises and large multinational corporations with stringent quality requirements.



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSolargiga Energy Holdings Limited ("Solargiga" or the "Group"; HKEX: 757), a leading vertically integrated enterprise that manufactures monocrystalline photovoltaic products for generating solar energy in the PRC, announced today its annual results and that it turned around to profit for the year ended 31 December 2021.

Tai Hing Group Announces 2021 Annual, Revenue up 13.4% Net profit amounts to HK$99.7 million

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HONG KONG, Mar 29, 2022 - (ACN Newswire) - Tai Hing Group Holdings Limited ("Tai Hing Group" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of around 220 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2021 (the "Review Year" or "FY2021").

RESULTS HIGHLIGHTS
-- The Group's revenue increased by 13.4% to HK$3,173.0 million (FY2020: HK$2,797.9 million), turning around the decline last year by strengthening resilience of its businesses as well as reducing costs and increasing profits
-- Gross profit and gross profit margin were HK$2,294.7 million (FY2020: HK$1,976.3 million) and 72.3% (FY2020: 70.6%), respectively
-- Profit attributable to owners of the Company amounted to HK$99.7 million (FY2020: HK$119.0 million)
-- The Board recommended a final dividend of HK4.95 cents per share; hence total dividend for FY2021 was HK7.45 cents per share, representing a dividend payout ratio of 75%
-- "Men Wah Bing Teng" recorded a significant revenue growth of 54.2% to HK$760.5 million; "Asam Chicken Rice" also achieved an impressive revenue growth of 414.9% to HK$145.2 million
-- Excluding the allowances from the Hong Kong Government's "Employment Support Scheme", other government subsidies and rent reduction, the Group's performance saw significant improvement against FY2020, showing clearly the greater resilience of the Group's business model

Amid the pandemic, the Group proactively optimised internal and restaurant management, strived to maintain stable business operations as well as reduced costs and increased profits in order to strengthen its resiliency, which consequently enabled the Group to achieve satisfactory overall results during the Review Year. The Group recorded overall revenue growth of 13.4% to HK$3,173.0 million (FY2020: HK$2,797.9 million). Gross profit and gross profit margin were HK$2,294.7 million (FY2020: HK$1,976.3 million) and 72.3% (FY2020: 70.6%), respectively. Profit attributable to owners of the Company amounted to HK$99.7 million (FY2020: HK$119.0 million). Excluding the allowances from the Hong Kong Government's "Employment Support Scheme", other government subsidies and rent reduction, the Group's performance for FY2021 saw significant improvement against FY2020. Basic earnings per share were HK9.94 cents (FY2020: HK11.89 cents).

In addition, implementing prudent financial management policies, the Group managed to maintain a healthy financial position with sufficient cash on hand and steady operating cash flow, allowing it to weather ongoing adversities as well as drive business growth. As at 31 December 2021, the Group had fully repaid all bank loans, and had cash and cash equivalents of HK$452.6 million (as at 31 December 2020: HK$562.1 million).

The Board has resolved to propose a final dividend of HK4.95 cents per ordinary share for the year ended 31 December 2021. Together with the interim dividend of HK2.50 cents already paid, the total dividend for FY2021 will be HK7.45 cents.

Business Review
As at 31 December 2021, the Group had a network of 217 restaurants in Hong Kong, Mainland China, Macau and Taiwan, under casual dining brands.

"Men Wah Bing Teng" continued to be a key revenue growth driver and the second largest revenue source of the Group, recording a significant revenue growth of 54.2% to HK$760.5 million (FY2020: HK$493.2 million) during the Review Year, accounting for 24.0% (FY2020: 17.6%) of total revenue. That shows to the resilience of this brand amid the pandemic. The brand had the most restaurants added during the Review Year. The Group strategically added 7 and 13 new restaurants in Hong Kong and Mainland China respectively, bringing the total number to 58, to optimise the performance of this brand.

During the Review Year, in terms of revenue growth, the Southeast Asian gourmet brand "Asam Chicken Rice" stood out among the different brands, with impressive growth of 414.9% year-on-year, to HK$145.2 million (FY2020: HK$28.2 million). Offering generic menu options, relatively less manpower is required to operate "Asam Chicken Rice". The Group believes the development prospect and competitiveness of the operation model are not to be underestimated. Heeding the enthusiastic market response to the brand, the Group took the opportune time to open 7 additional restaurants in core business and residential areas in Hong Kong. The Group opened the first "Asam Chicken Rice" in Mainland China in September, a move reflective its hope to build a restaurant network for the brand in the Mainland market.

The Group's flagship brand "Tai Hing" has continued to deliver strong and steady performance. During the Review Year, "Tai Hing" recorded revenue of HK$1,464.0 million (FY2020: HK$1,472.1 million), accounting for 46.1% of total revenue, and continued to be the largest revenue source of the Group. In the second half year of 2021, the Group launched marketing and promotional activities for the brand, including the new "Excellent BBQ Pork, Excellent Taste" TV commercial and the new limited-time upgraded version of BBQ pork dish called "Golden Foil BBQ Pork", which attracted consumer attention as well as enhanced the image of the brand. The marketing initiatives were highly effective at low costs.

"TeaWood" remained the Group's third largest revenue contributor, with revenue amounting to HK$364.6 million (FY2020: HK$398.2 million), accounting for 11.5% (FY2020: 14.2%) of total revenue. During the Review Year, the Group actively mounted online and offline marketing activities to boost promotion of the "Teawood" brand. To ensure the brand is in sync with market trend, the Group will design for it a new menu and adjust related marketing strategy, with the aim of presenting a brand new image of "Teawood" to customers.

During the Review Year, the first and second restaurant of the new brand "Dumpling Station" opened in Hong Kong and, in one short year, they started contributing revenue to the Group. For "Dimpot", which performance exceeded expectations, the Group will strive to realise its market potential with the aim of nurturing it into another new "star brand".

Prospects
The Group, via its multi-brand business model and adopting heedful marketing strategy, is well-geared to maintain and seize opportunities to expand its market share. In Hong Kong, drawing on its outstanding experience in creating such high-return and high-growth brands as "Men Wah Bing Teng" and "Asam Chicken Rice", the Group will nurture more unique and potential-rich brands to widen its customer base. In addition, the Group will optimise its restaurant network, thereby increase market penetration. In Mainland China, to meet new consumer demands amid the pandemic, the Group will gradually improve and consolidate its restaurant network, with a focus on the Greater Bay Area. To capitalise on the booming fast food trend, the Group will strategically develop its own model of restaurant network, targeting high customer traffic locations and choosing smaller shop spaces to provide takeaway services which are in rising demand.

Well-aware of technology trends in the catering industry such as digitalisation and integrating innovative technologies into different operations, the Group will invest more resources in introducing advanced technology systems and equipment to upgrade its existing information technology systems. It will also enhance big data application, so as to identify potential business opportunities, enhance operational efficiency and efficiently control costs, all conducive to maintaining its leadership and competitiveness in the casual dining industry in the region. In particular, the Group's first integrated mobile application will be launched shortly, which will not only be a platform that provides customers with one-stop takeaway ordering service, but one that can also help foster customer loyalty to the Group and strengthen customer relations management. It can also allow the Group to swiftly deliver latest news of its different brands directly to customers, thus help build up their image.

Mr. Chan Wing On, Chairman and Executive Director of Tai Hing, said, "With prudence and a pragmatic attitude, we will continue to enhance internal operation and management, re-examine restaurant network strategy as well as stringently control costs to strengthen the Group's resilience. In addition, we will closely watch the impacts of the pandemic on the Group's operations and changes in consumers' catering patterns. That will allow us to seize opportunities to steadily consolidate and expand business, and be ready to achieve brilliant results post-pandemic."

About Tai Hing Group Holdings Limited (stock code: 6811)
Tai Hing Group Holdings Limited ("Tai Hing Group") is a multi-brand casual dining restaurant group with roots in Hong Kong. In addition to its flagship "Tai Hing" brand, the Group has a growing brand portfolio comprising of self-developed brands, and acquired and licensed brands, including "TeaWood", "Trusty Congee King", "Men Wah Bing Teng", "Pho Le", "Rice Rule", "King Fong Bing Teng", "Asam Chicken Rice", "Dao Cheng", "Dimpot", "Dumpling Station", "Hing Ye Dai Pai Dong", "Lu Bistro" and "Yung Fong Cafe". Currently, it has a network of around 220 restaurants in Hong Kong, Mainland China, Macau and Taiwan.


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comTai Hing Group Holdings Limited ("Tai Hing Group" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of around 220 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2021 (the "Review Year" or "FY2021").

Jinchuan International’s 2021 Profit Attributable to Shareholders Surges 303% to US$120.5 Million

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HONG KONG, Mar 29, 2022 - (ACN Newswire) - Jinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").

Highlights of 2021 Annual Results
-- Revenue amounted to US$831.9 million, up by 25.2% year-on-year. Revenue from mining segment was US$620.6 million and revenue from the trading of mineral and metal products was US$211.3 million
-- Gross profit increased considerably by 188% to US$251.7 million
-- Profit attributable to shareholders soared by 303% to US$120.5 million
-- During the Year, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt
-- Cost of sales of the mining business declined 16%, attributable to the Group's stringent control of costs

During the Year, the Group recorded revenue of US$831.9 million, a year-on-year increase of 25.2%, which was attributable to the rise in the benchmark copper and cobalt prices. Total revenue from mining operations was US$620.6 million, a year-on-year increase of 24.7%. Revenue from the trading of mineral and metal products segment amounted to US$211.3 million, a year-on-year increase of 26.6%. With costs kept under control, the Group's gross profit rose considerably by 188% to US$251.7 million. Moreover, as copper and cobalt prices surged in 2021, the Group's gross profit margin grew significantly to 30% for the Year from 13% in 2020.

Profit attributable to shareholders of the Company soared by 303% year-on-year to US$120.5 million. Earnings before interest (net finance costs), income tax, depreciation and amortization and impairment loss ("EBITDA") amounted to US$311.5 million, up by approximately 121.8%. The Group maintained strict control of costs during the Year. As a result, cost of sales of the mining operations decreased by 16% to US$314.9 million.

In 2021, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt, and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt. Sales of copper and cobalt amounted to US$514.0 million and US$106.6 million respectively. During the Year, the Group's copper production volume dropped, primarily as a result of lower ore feed grade from Ruashi Mine and Kinsenda Mine and lower copper recovery rate. Similarly, the cobalt production volume declined, mainly due to the lower grade of cobalt ore mined and lower cobalt recoveries. Nevertheless, driven by higher copper and cobalt prices, the Group recorded a significant increase in revenue, which was able to offset the impact of lower sales volume.

Continuous expansion of core businesses, progress achieved by all projects
As a multinational mine developer and operator, the Group will pay close attention to local government policies and the economic environment, and continue to monitor all factors that may cause market fluctuation, so as to ensure the Group is well prepared to respond timely to any market changes.

The Group's short-term focus will be on the construction of the Musonoi copper-cobalt mine in Kolwezi, the Democratic Republic of the Congo. During the Year, construction of the mine was progressing as planned. The Group has also signed a facility agreement with China Development Bank in relation to the construction of the Musonoi project. At the same time, the Group will continue its exploration work in the sulphide zone below the oxide zone in Ruashi Mine, deeper region of the Musonoi Project, and conduct infill drilling at Kinsenda Mine. In addition, the Group successfully leased out the mining assets of Chibuluma under a finance lease. The Group recorded a royalty income of approximately US$2.4 million under the finance lease agreement.

Actively seized market opportunities amid rising copper and cobalt prices
Copper price is susceptible to swings in global policies and economic uncertainty. LME copper price reached a historical high of US$10,720 per tonne in May 2021, and closed at US$9,692 per tonne at the end of 2021, representing a gain of 25.2% compared to 31 December 2020 and a gain of 109.9% compared to the lowest point in 2020. With copper price surging, the Group commenced the construction of Ruashi Mine's magnetic floatation plant aiming to treat low-grade oxide and sulphide materials. This allows the Group to better utilise Ruashi Mine's low grade stockpile while potentially extending Ruashi's life of mine. The new plant was successfully launched in December 2021.

With the availability of COVID-19 vaccines, social and economic activities have recovered. Copper, as a critical commodity used in construction and infrastructure, will benefit from the economic recovery. Moreover, countries around the world have initiated the strategic target of carbon neutral. Copper will be used more frequently in areas including solar, wind, power storage, new energy and distribution with the enhence of carbon neutral era, the demand for copper will further increase. Given its strong fundamentals, copper price is expected to stay strong after COVID-19 is contained.

With regard to the cobalt market, cobalt price gradually rebounded during the Year, and continues to rise in 2022. The price of cobalt reached US$38.7 per pound in mid-March 2022. Demand for cobalt is subject to the manufacturing of alloy and industrial chemical and for the manufacturing of batteries. As major auto makers were launching more electric vehicle ("EV") models in 2021, Ford estimates that 40% of motor vehicles sold will be EVs by 2030 and Bloomberg estimates that half of motor vehicles sold will be EVs by 2040. Analyst forecasts cobalt demand to expand at a compound annual growth rate of 7% to 2030.

The Group said, "We will seize the favorable opportunities to develop new energy and new materials and keep expanding the major business while considering to extend the industrial chain appropriately, and expand the Group's product scope. Meanwhile, we plan to further introduce strategic investors and optimize the shareholders structure, strengthen management, reduce costs and increase efficiency, and enhance the economic scale of existing projects. Furthermore, we will actively integrate the Group's overseas resources and expand our asset scale. We will also continue to develop new businesses, and in particular, look for opportunities in southern Africa to generate synergies, given its close proximity to the Group's existing mines. In the future, we will pursue continuous development and innovation, with the aim of becoming a world-class mineral corporation and creating greater value for our shareholders."

About Jinchuan Group International Resources Co. Ltd (Stock Code: 2362. HK)
Jinchuan International is a Hong Kong listed company under Jinchuan Group Co., Ltd for the purposes of accelerating the establishment of the mining group's multinational operational strategy and elevating Jinchuan Group's global investing, financing and operating capabilities. By virtue of Hong Kong's advantages as an international financial and trade center, and through the Company's focus on an internationalized operating strategy, the Company has established itself as the flagship platform for Jinchuan Group to develop its overseas non-ferrous metal mining business. The Company owns large-scale mines in Africa with high-quality copper and cobalt metal resources. It engages in the production and trading of basic metal resources. The Company's main mine assets include the Ruashi and Musonoi copper-cobalt mines, high-grade Kinsenda copper mine, Chibuluma South Mine, and Lubembe project.
Website: http://www.jinchuan-intl.com/tc/

About Jinchuan Group Co., Ltd* ("Jinchuan Group")
Jinchuan Group Co., Ltd*, founded in 1958, is a state-owned enterprise with its majority interest held by the People's Government of Gansu Province. Jinchuan Group specializes in mining, concentrating, metallurgy, chemical engineering and further downstream processing. Jinchuan Group is widely recognized as a renowned mining corporation and is the third largest nickel producer and fourth largest cobalt producer in the world as well as the fourth largest copper producer in China. Jinchuan Group ranks no. 336 in "Fortune" Global 500 in 2021.
Website: http://www.jnmc.com/

* for identification purposes only


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comJinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").

Continued Growth Under the Pandemic, Huisen Household Profit Increased by Over 60%

HONG KONG, Mar 26, 2022 - (ACN Newswire) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

During the review period, the revenue of the Group was RMB5,139 million representing an increase of approximately 31.9% as compared to the same period of 2020. The profit for the year was approximately RMB888 million, representing an increase of approximately 64.2% as compared to the same period of 2020, mainly due to the growth in sales driven by the increase in purchase orders and the increase in gross profit of approximately RMB355 million. Basic and diluted earnings per share of the Company was RMB0.29 for 2021 and RMB0.24 for FY2020.

Mr. Zengming, chairman and executive director said: "Although China and the world's major economies, including developed countries such as Europe and the United States, were recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and some parts of the world are still plagued by the pandemic, resulting in the closure or interruption of factory production. With the successful achievements in the prevention of pandemic in China, resumption of work and production were successfully sped up in various industries, which led the products manufactured in China to become more popular around the world. With the quantitative easing monetary policy of Europe and the United States, the real estate market of the developed economies, especially the United States, was thriving, which led to a surging growth of the furniture industry. China's furniture exporters further attracted orders from countries around the world, ushering in an opportunity for a rapid growth."

During the review period, the Group has been constantly uncovering the potential of our existing factories to raise the utilisation rate of our production capacity without relaxing the preventive measures adopted for the pandemic and continue to put effort to safeguard the lives and safety of our staff; on the other hand, the Group also accelerated the implementation of fundraising and investment projects. Although the Group was still affected by the outbreak of COVID-19 pandemic in some provinces of China from time to time, various fundraising and investment projects still made a good start. The Group achieved significant growth in both production and sales in 2021.

Panel-type Furniture
The Group's panel-type furniture products include television cabinets, bookshelves, shelves, desks, and coffee tables. Panel-type furniture has always been the core revenue driver of the Group. During the review period, the revenue of panel-type furniture increased by 33.9%. The gross profit margin of panel-type furniture recorded a slight increment due to the higher gross profit margins from some of our newly launched products, as well as the increase in average selling prices for some of our existing products, which partially offset the impact of the depreciation of the U.S. dollar against the Renminbi ("RMB").

Upholstered Furniture
Leveraging on our expertise and experience on product design and development as well as our business relationships with major overseas retail chains and furniture traders, we further expanded of its product offering in upholstered furniture to explore new markets. The Group's upholstered furniture mainly includes sofas. During REVIEW PERIOD, the revenue of upholstered furniture increased by 19.4%. The gross profit margins for both FY2020 and the review period remained relatively stable, certain products with high gross profit margin recorded higher sales.

Outdoor/Sport-type Furniture
This includes outdoor recreational furniture, sports and recreational equipment. Sports and recreational equipment mainly include table tennis tables and pool tables. During the review period, the revenue from sport-type furniture amounted to approximately RMB154 million, representing a decrease of approximately 3.1% from FY2020. The gross profit margin increased from approximately 28.0% for FY2020 to 29.3% for the review period, which was mainly due to the increase in the average selling prices of certain products and cessation of production and selling of outdoor recreation furniture with low gross profit margin in the review period.

Revenue generated from sales to the United States is still the most significant among all the geographical locations. The revenue derived from the sales of furniture product with the United States as the delivery destination increased by 32.3% during the review period compared to FY2020 and the sales ratio to our total revenue increased from 67.1% for FY2020 to 67.3% for the review period, representing an increase of 0.2%, which was mainly due to the increase in furniture demand driven by the growth in the real estate market in the United States. Sales in China increased by 13.8%, which was mainly due to the policy adopted by the Group for the expansion of sales to mainland China customers during the review period. The revenue generated from sales to Malaysia, Vietnam, and Canada as delivery destination also achieved higher growth during FY2021 as compared to FY2020, mainly due to the Group's efforts to expand sales outside the United States.

A stable and long-term business relationship is fundamental to the Group's success. The Group has strategically prioritised orders placed by the major customers. The Group has maintained a long-term relationship with each of top five customers in particular, the Group has established a direct and stable long-term business relationship with Walmart Group since 2012. As a result, the sales of the top 5 customers during the review period have recorded an increase of approximately 33.4% compared to FY2020, and the revenue from the top five customers of the Group accounted for approximately 86.8% of the total revenue for the review period, representing an increase of approximately 0.9% from approximately 85.9% for FY2020.

The Group always attaches great importance to the improvement of independent research and development capabilities and continues to expand its sales in ODM to increase the dependence of our customers and the competitiveness of the Group. As for the OEM, we strictly follow the specifications and requirements provided by our customers. During the review period, sales from ODM increased by approximately 35.9% compared to FY2020 and accounted for approximately 82.5% of the total revenue with an increase of approximately 2.5% from FY2020. The remaining were arisen from OEM business with an increase of approximately 15.4% while its proportion accounted for the total revenue decreased to approximately 17.5% compared to FY2020.

For the expansion of the smart furniture business. On 16 June 2021, the Group has entered into a strategic cooperation agreement with Jiangxi University of Science and Technology to further enhance the cooperation in relation to the research and development of smart furniture, including but not limited to professional and technical personnel training provided by Jiangxi University to the staff of the Group and the establishment of the Smart Furniture Research Institute to focus on the research and development of smart furniture and prefabricated decoration.

Looking ahead, with the gradual increase in vaccination rate against COVID-19 in various countries and the accumulation of experience in the prevention and control of the pandemic, coupled with the development of the economic level of different countries and the improvement of disposable income per capita and living conditions, the willingness to consume furniture will continue to grow. Specifically, there is a stable demand for furniture from the developed countries and regions, such as Europe, America, Japan and South Korea, as their degree of urbanisation is high, the consumption power of their resident is strong, leading to a higher living standard from these end customers and a huge demand for renovation of obsoleted homes and furniture for rental home; for countries with an emerging market, the demand for furniture is increasing with the expansion of housing demand due to the advancing progress of urbanisation and the increase in the size of the urban population.

About Huisen Household International Group Limited

We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own.



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comChina's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

Continued Growth Under the Pandemic, Huisen Household Profit Increased by Over 60%

HONG KONG, Mar 26, 2022 - (ACN Newswire) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

During the review period, the revenue of the Group was RMB5,139 million representing an increase of approximately 31.9% as compared to the same period of 2020. The profit for the year was approximately RMB888 million, representing an increase of approximately 64.2% as compared to the same period of 2020, mainly due to the growth in sales driven by the increase in purchase orders and the increase in gross profit of approximately RMB355 million. Basic and diluted earnings per share of the Company was RMB0.29 for 2021 and RMB0.24 for FY2020.

Mr. Zengming, chairman and executive director said: "Although China and the world's major economies, including developed countries such as Europe and the United States, were recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and some parts of the world are still plagued by the pandemic, resulting in the closure or interruption of factory production. With the successful achievements in the prevention of pandemic in China, resumption of work and production were successfully sped up in various industries, which led the products manufactured in China to become more popular around the world. With the quantitative easing monetary policy of Europe and the United States, the real estate market of the developed economies, especially the United States, was thriving, which led to a surging growth of the furniture industry. China's furniture exporters further attracted orders from countries around the world, ushering in an opportunity for a rapid growth."

During the review period, the Group has been constantly uncovering the potential of our existing factories to raise the utilisation rate of our production capacity without relaxing the preventive measures adopted for the pandemic and continue to put effort to safeguard the lives and safety of our staff; on the other hand, the Group also accelerated the implementation of fundraising and investment projects. Although the Group was still affected by the outbreak of COVID-19 pandemic in some provinces of China from time to time, various fundraising and investment projects still made a good start. The Group achieved significant growth in both production and sales in 2021.

Panel-type Furniture
The Group's panel-type furniture products include television cabinets, bookshelves, shelves, desks, and coffee tables. Panel-type furniture has always been the core revenue driver of the Group. During the review period, the revenue of panel-type furniture increased by 33.9%. The gross profit margin of panel-type furniture recorded a slight increment due to the higher gross profit margins from some of our newly launched products, as well as the increase in average selling prices for some of our existing products, which partially offset the impact of the depreciation of the U.S. dollar against the Renminbi ("RMB").

Upholstered Furniture
Leveraging on our expertise and experience on product design and development as well as our business relationships with major overseas retail chains and furniture traders, we further expanded of its product offering in upholstered furniture to explore new markets. The Group's upholstered furniture mainly includes sofas. During REVIEW PERIOD, the revenue of upholstered furniture increased by 19.4%. The gross profit margins for both FY2020 and the review period remained relatively stable, certain products with high gross profit margin recorded higher sales.

Outdoor/Sport-type Furniture
This includes outdoor recreational furniture, sports and recreational equipment. Sports and recreational equipment mainly include table tennis tables and pool tables. During the review period, the revenue from sport-type furniture amounted to approximately RMB154 million, representing a decrease of approximately 3.1% from FY2020. The gross profit margin increased from approximately 28.0% for FY2020 to 29.3% for the review period, which was mainly due to the increase in the average selling prices of certain products and cessation of production and selling of outdoor recreation furniture with low gross profit margin in the review period.

Revenue generated from sales to the United States is still the most significant among all the geographical locations. The revenue derived from the sales of furniture product with the United States as the delivery destination increased by 32.3% during the review period compared to FY2020 and the sales ratio to our total revenue increased from 67.1% for FY2020 to 67.3% for the review period, representing an increase of 0.2%, which was mainly due to the increase in furniture demand driven by the growth in the real estate market in the United States. Sales in China increased by 13.8%, which was mainly due to the policy adopted by the Group for the expansion of sales to mainland China customers during the review period. The revenue generated from sales to Malaysia, Vietnam, and Canada as delivery destination also achieved higher growth during FY2021 as compared to FY2020, mainly due to the Group's efforts to expand sales outside the United States.

A stable and long-term business relationship is fundamental to the Group's success. The Group has strategically prioritised orders placed by the major customers. The Group has maintained a long-term relationship with each of top five customers in particular, the Group has established a direct and stable long-term business relationship with Walmart Group since 2012. As a result, the sales of the top 5 customers during the review period have recorded an increase of approximately 33.4% compared to FY2020, and the revenue from the top five customers of the Group accounted for approximately 86.8% of the total revenue for the review period, representing an increase of approximately 0.9% from approximately 85.9% for FY2020.

The Group always attaches great importance to the improvement of independent research and development capabilities and continues to expand its sales in ODM to increase the dependence of our customers and the competitiveness of the Group. As for the OEM, we strictly follow the specifications and requirements provided by our customers. During the review period, sales from ODM increased by approximately 35.9% compared to FY2020 and accounted for approximately 82.5% of the total revenue with an increase of approximately 2.5% from FY2020. The remaining were arisen from OEM business with an increase of approximately 15.4% while its proportion accounted for the total revenue decreased to approximately 17.5% compared to FY2020.

For the expansion of the smart furniture business. On 16 June 2021, the Group has entered into a strategic cooperation agreement with Jiangxi University of Science and Technology to further enhance the cooperation in relation to the research and development of smart furniture, including but not limited to professional and technical personnel training provided by Jiangxi University to the staff of the Group and the establishment of the Smart Furniture Research Institute to focus on the research and development of smart furniture and prefabricated decoration.

Looking ahead, with the gradual increase in vaccination rate against COVID-19 in various countries and the accumulation of experience in the prevention and control of the pandemic, coupled with the development of the economic level of different countries and the improvement of disposable income per capita and living conditions, the willingness to consume furniture will continue to grow. Specifically, there is a stable demand for furniture from the developed countries and regions, such as Europe, America, Japan and South Korea, as their degree of urbanisation is high, the consumption power of their resident is strong, leading to a higher living standard from these end customers and a huge demand for renovation of obsoleted homes and furniture for rental home; for countries with an emerging market, the demand for furniture is increasing with the expansion of housing demand due to the advancing progress of urbanisation and the increase in the size of the urban population.

About Huisen Household International Group Limited

We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own.



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comChina's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.
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