Gome Fin Tech Announced Annual Results of 2023

Mar 31, 2024 | Business

HONG KONG, Mar 29, 2024 – (ACN Newswire) – Gome Finance Technology Co., Ltd.(Stock Code:628.HK,“Gome Fin Tech”or “the Company”,with its subsidiaries,the“Group”), announced its audited annual results for the year ended 31 December, 2023 (the “Reporting Period”).

In 2023, the global geopolitical risks are frequent, the lack of economic recovery momentum and the widening trend of differentiation among countries are highlighted, and the risk spillover from European and US banks under the global high interest rate environment also casts a shadow over the global growth outlook. In the face of the risky international environment and the arduous task of domestic reform, development and stabilisation, the Chinese government has coordinated domestic and international situations, effectively responded to the impact of the unexpected factors, strengthened support for the real economy, continuously optimised the structure of loan investment, improved the quality and efficiency of credit services, and developed supply chain finance with the strong support of national policies.

During the Reporting Period, the Group continued to focus on technology-based finance as its strategic main line, further explored the integration and development path between emerging technology industry and supply chain finance industry, and continued to strengthen its support to the real economy. The Group’s revenue increased by 2.24% to RMB82.0 million (2022: RMB80.2 million), which was mainly attributable to the increase in revenue from commercial factoring business. The Group recorded a profit after taxation of RMB37million (2022: loss after taxation of RMB5.6 million).

Optimizing asset and liability structure, commercial factoring progressing steadily

The commercial factoring business, as the Group’s principal business with a well-established risk management system, grew steadily in 2023 and contributed 92% of the Group’s operating revenue, despite the challenging external environment. In 2023, the Group repaid bank borrowings in a timely manner and used the Company’s own funds as working capital, resulting in a significant reduction in the gearing ratio,and the working capital was more more sufficient. In addition, in recent years, the Group started to grant longer loan period to certain high-quality customers in order to increase its profitability and at the same time to maintain credit risk at a low level. In 2023, the Group’s commercial factoring business steadily expanded its scale of operation, with the average net loan balance increasing to RMB1.01 billion (2022: RMB890 million), revenue increasing by 8.16% year-on-year to RMB75.8 million, and segment profit increasing to RMB68.2 million (2022: RMB58.4 million).

Additionally, during the Reporting Period, other financial services within the Group were impacted by restrictions imposed by certain mobile app stores on the content of deployed applications (Apps). As a result, service fees for referral services decreased by 38.65% to RMB6.2 million, while the other financial services segment achieved a profit of RMB2.6 million.

The acquisition process was progressing systematically, and the diversified synergy was poised for development

In addition, the Company is advancing the Proposed CashBox Acquisition subject to, among others, the approval of the Company’s independent shareholders. The management expects to, through the Proposed CashBox Acquisition, rely on the large and multi-regional user resources of CashBox, combining with the Company’s advantages in internet technology, to create synergies for the Group’s business. The management believes that the Proposed CashBox Acquisition will enable the Group to diversity its business, expand its income stream and maximise returns for the shareholders.

Looking ahead, the Federal Reserve is expected to initiate an interest rate reduction cycle around mid-year. In an external macro environment characterized by easing inflation and stable growth, global economic growth is poised for a “soft landing”. China continues to adhere to the principles of seeking progress while maintaining stability, focusing on high-quality development, and continuously fostering new productive forces. With frequent macro policy adjustments and a flexible and precise monetary policy, China provides robust support for stable economic operations. Against this backdrop, we believe that the industry’s development in the coming year will benefit from additional favorable policies driven by national strategies.

The management of GOME Financial Technology stated: “In 2024, the macroeconomic situation is expected to improve. The relatively relaxed financing environment is poised to inject more vitality into the national economy and create opportunities for the development of the Group. We will further explore the integration and development paths of emerging technology industries and supply chain financial industries. Additionally, we will continue to enhance support for the real economy and private economy, leveraging financial services to contribute to high-quality development. While consolidating our core financial business, we will also advance the Proposed CashBox Acquisition, enabling diversified transformation and creating greater benefits for shareholders.”

About Gome Finance Technology Co., Ltd.

Gome Finance Technology Co., Ltd. (stock code: 628) is a publicly listed company on the Hong Kong Stock Exchange. The Company’s vision is to “drive technological development through innovation and revolutionize finance through technology.” It actively expands its strategic layout in the field of financial technology, continuously enriches its product portfolio, gradually extends its risk control services driven by big data and artificial intelligence, and further enhances its comprehensive financial services to provide efficient, convenient, and high-quality financial services for customer.


Topic: Press release summary

WL Delicious Announced 2023 Annual Results

Mar 22, 2024 | Business

Weilong Delicious Global Holdings Ltd (“WL Delicious” or the “Company”) and together with its subsidiaries (the “Group”) (Hong Kong stock code: 9985.HK) announced its audited annual results for the year ended 31 December 2023 (“Reporting Period”). 

The macro-economy continued to recover in 2023 and China’s consumer market also showed a rebound trend. Snack food industry experienced diversified changes in the needs of consumers and sales channels. During the Reporting Period, WL Delicious actively embraced the changes and adhered to the ‘multiple categories and large single product’ strategy. WL Delicious continued to strengthen omni-channel construction and embraced new opportunities brought by the emerging channels. Additionally, WL Delicious persisted in enhancing its brand influence through youthful brand building.

WL Delicious’s overall business operations and financial performance remained stable. Revenue for the Reporting Period was 4,872 million (RMB, same as below), representing a 5.2% year-on-year (“YoY”), primarily due to an increase in the sales from the emerging channels such as O2O, snack specialty retailers and content e-commerce platforms. Diversified channels have promoted the accelerated transformation of the snack food industry. Faced with this development trend, WL Delicious has kept pace with the times, actively embraced the growth opportunities brought by emerging channels, and has continued to strengthen its omni-channel operations and expansion strategies, thereby achieving the revenue growth. Gross profit for the Reporting Period was 2,323 million, representing a 18.5% growth YoY. Gross profit margin increased 5.4 percentage points to 47.7%, mainly due to (i) the Group’s structural adjustment of main products in 2022; (ii) a decrease in the price of raw materials during the Reporting Period; and (iii) the optimization of the Group’s cost management by optimising production process flow continuously. Net profit for the Reporting Period was 880 million, representing a 481.9% increase YoY. Adjusted net profit grew 6.3% YoY to 970 million, and adjusted net profit margin increased from 19.7% in 2022 to 19.9% during the Reporting Period, primarily due to the increase of gross profit.

Based on the Group’s overall performance, and having accounted for the sufficient cash flow and improved operations during the Reporting Period, the Board proposed to declare a final dividend of 0.10 per share (RMB, inclusive of tax, same as below). The proposed final dividend and interim dividend representing approximately 60% of the net profit of the Group for Reporting Period. Besides, considering that 2023 was the first anniversary of WL Delicious’ listing, the Board proposed to declare a special dividend of 0.11 per share, representing approximately 30% of the net profit of the Group for the Reporting Period. The annual dividend payout ratio of WL Delicious[1] reaches approximately 90%, which includes interim dividend, final dividend, and special dividend on the first anniversary of listing.

In terms of the products, the Group actively explored the consumer needs through market research, expanded its product lines to conform to consumer preferences, and constantly innovated and launched new products. Leveraging rigorous and profound fundamental research and advanced production techniques, the Group launched new products such as spicy Latiao “BADAO PANDA”, konjac vegetarian tripe “XIAO MO NV” and spicy crisp Latiao “CUI HUO HUO”. The new products further enrich the Group’s product portfolio and strengthen the Group’s position in the spicy snack food industry.

In terms of channels, through in-depth channel building over years, WL Delicious has a nationwide distribution network that deeply penetrates the Chinese market. In 2023, while continued to strengthen the traditional channels, the Group also embraced emerging channels such as O2O and Snack Specialty Retailers. Further, the Group strived to cover all channels of e-commerce platforms, which formed a strong complement to offline channels. The Group also strengthened consumer interaction through short videos, internal live streaming and influencer live streaming to enhance traffic conversion and repurchase of content e-commerce platforms. At the same time, the Group also actively expanded overseas markets.

In terms of brand, WL Delicious actively strengthened its brand building and engaged with young consumers through novel, interesting and topical activities, thereby capturing consumers’ interest points and creating topics with public communication power, thereby enhancing the brand exposure and visibility of the Group. At the same time, the Group also valued “humanistic core” of the brand, actively participated in brand public welfare activities and fulfilled social responsibilities to improve the Group’s brand image.

Mr Liu Weiping, Chairman of WL Delicious commented, “The year of 2023, for WL Delicious, was a year to take the initiative to innovate and accelerate the omni-channel construction. Facing the consumer environment that is undergoing many changes, WL Delicious remained confident and actively embraced changes and trends. Looking forward to the new year, WL Delicious will continue to innovate, explore multiple categories strategies, embrace the development emerging channels, and continue to strengthen the construction of online and offline omni-channels. We will actively strengthen our brand building and continue to create a brand image that is loved by consumers. We will also strengthen our supply chain, digital capabilities and enhance organizational team building, and constantly improve the Company’s operating efficiency, so as to strive to create values for the shareholders and customers.”

[1] The annual dividend payout ratio of WL Delicious: 86.84%

About Weilong Delicious Global Holdings Ltd

WEILONG Delicious Global Holdings Limited (“WL Delicious”) is an all-in-one spicy snack products enterprise, leading in the research and development, production, and sales of spicy snack foods in China. Based on traditional formulas, WL Delicious started the Chinese seasoned flour products (also commonly known as Latiao industry, created our first Latiao snack in 2001, leading the standards construction of Latiao industry. With our outstanding product development capabilities, the Group has successfully diversified into vegetable products, bean-based products and others, including Konjac Shuang, Fengchi Kelp, 78° Braised Egg and others. The Group has further launched new products like spicy Latiao “BADAO PANDA”, konjac vegetarian tripe “XIAO MO NV” and spicy crisp Latiao “CUI HUO HUO” in 2023, which are quite popular among consumers. In 2023, we have won more than 30 awards, including the “2023 Vibrant Brands Favored by College Students” by the 30th China International Advertising Festival and the “TopBrand2023 Top 500 Chinese Brands” by the Chinese Brand Festival. For more information, please visit https://www.weilongshipin.com/


Topic: Press release summary

CHRO 50 Leaders Announced: Elevate HR For Saudi Arabia’s Workplace of Tomorrow

Feb 12, 2024 | Business

The esteemed HR50 Awards, which honour Saudi Arabia’s finest HR executives, is scheduled to take place at Radisson Blu Hotel, King Abdul Aziz road in Riyadh on February 15. The event, with the theme “ELEVATE HR: PIONEERING LEADERSHIP FOR SAUDI ARABIA’SWORKPLACE OF TOMORROW,” aims to acknowledge and celebrate visionaries who are influencing HR in the Kingdom.

These nominees advocate for an esteemed collection of executives who have shown an unwavering dedication to improving the HR environment. These people are advancing innovation and quality in their fields through talent acquisition, employee engagement, workplace culture, and strategic workforce planning.

The purpose of the HR50 Awards is to honour those who have not only welcomed change but also actively led the way in developing freshperspectives on human resources that suit the changing demands of both the business world and the labour force.

We are thrilled to announce the 50 Winners for the CHRO 50 Awards:

  1. Hisham Ayub – CIPD-SHRM, Group Chief People & Culture Officer,Al Daajan Holding.
  2. Nabil Batawi, CHRO, Al Khorayef Group of Companies.
  3. Shadi Naggash, CHRO, Al Khozama Investment Company.
  4. Abdulmoeen Saleh Nasser, Director of Human Resources and Administrative, Al Tazaj.
  5. Mohammed Alabdulkareem, Head of HR & Administrative Affairs, AlAbdulkarim Trading Co.
  6. Dina Ragaban, HR Director, Almosafer.
  7. Saeed Aljehani, Talent & OD Director, Alyusr Financing & Leasing.
  8. Mofarreh Al Janfawe, Head of Human Resources & Support Services, NRC Committee Secretary Amana Cooperative Insurance.
  9. Ibrahim Elsharkawy, Head of Learning and Organization Development, Arabian Oud.
  10. Ahmed Alhomoud, Group Chief Human Resource Officer, Cenomi Group.
  11. Moataz Al-Hamede, Head of Human Resources, Cigna Healthcare.
  12. Moutaz Talal AlKalash, CHRO, Citi group Saudi Arabia.
  13. Abdulaziz AlKadi, CHRO Chief Human Resources Officer, Dur Hospitality.
  14. Sultan Alayyash, Human Resources Manager, Half Million.
  15. Baraa Godus, HR Director, KSA & GCC, Hikma Pharmaceuticals.
  16. Abdulrahman Alsheail, Director-General of Human Resources, Institute of Public Administration – IPA – Saudi Arabia.
  17. Mansour Al-Talhan, Human Resources Director, InterHealth Hospital.
  18. Rania AlGhamdi, Director of Talent Learning and Potential, Johns Hopkins Aramco Healthcare.
  19. Ali AlAsmari, Director of HR planning Administration, King Saud Medical City.
  20. Mohammed Al Hijan, CHRO, King Saud University.
  21. Maan Fatani, Group CHRO, Middle East Paper Company (MEPCO).
  22. Abdullah Alateeq, Director of HR systems (Director Of Business Support Department (ERP-HR) ), Ministry of Health Saudi Arabia.
  23. Hanin Zaghlam, Human resources operation Director, NADEC Food.
  24. Akif Tashkandi, People & Organization Head, Novartis.
  25. Kanari Kurayim, Group Chief Human Capital Officer, Petromin Corporation.
  26. Sultan Al Hassni, Head of People and Culture, PIF Project’s.
  27. Khalid Alqahtani, Human Capital Director, PIF- Projects Division.
  28. Maya Ibrahim Barri, Human Resources Director, Red Sea Global.
  29. Laila Aljizani, Professional Development Director, Riyadh first Health Cluster.
  30. Shatha Almozainy, Vice President for Organizational Development, Riyadh first Health Cluster.
  31. Mohammed Alkhamis, Human Capital VP, Royal Commission for AlUla.
  32. Mohammed Elyas, Director Human Capital Excellence, RUA Al Madinah Holding.
  33. Abdullah Almaitq, Chief People & Culture Officer, SAJAYA.
  34. Lama Sultan, Head of Human Resources, Saudi Air Connectivity Program.
  35. Dianah Alabduljabbar, Head of Career Development, Saudi Aramco.
  36. Rami Busbait, Head of HR, Saudi Aramco.
  37. Zainab Maghrabi, Talent And Development Director, Saudi Geological Survey.
  38. Waleed Alsayed, Vice President of People, Saudi Tourism Authority.
  39. Al-Johara AlNasser, Talent Development Director, Savvy Games

About Exito

Exito, which means success in Spanish, embodies our commitment to the success of our customers. Each year, we host over 240 virtual and in-person conferences globally, bringing together audiences with world-class thought leaders and C-level executives across industries. Our meticulously crafted agendas, based on extensive research and valuable industry insights, facilitate business, knowledge transfer, deal flow, and impactful messaging for brands.

Contact:
Kasturi Nayak,Sr. Executive
Marketing Team
kasturi.nayak@exito-e.com
Exito Media Concepts


Topic: Press release summary

FA Cup date at Wigan announced

Dec 8, 2023 | Business

WEBWIRE –

Manchester United are making a visit to Wigan Athletics DW Stadium in a competitive fixture for the first time since January 2013.

The two clubs were paired together in Sundays Emirates FA Cup third-round draw, giving Uniteds fans the chance to look forward to an away day in the competition early in the new year.

The TV scheduling has been finalised and we can confirm that the tie will take place on Monday 8 January 2024, with a kick-off time of 20:15 GMT.

Viewers in the UK will be able to watch the match live on ITV.

Should a replay be required, that game will be scheduled for the week commencing 15 January 2024.

The Latics are faring well in League One this season, sitting 14th despite having eight points deducted following relegation from the Championship last term – they would be eighth, and on the verge of the play-off positions, without that handicap.

Shaun Maloneys side have lost just one of their last eight fixtures, and beat Exeter City and York City – both away from home – to reach this stage of the competition.

Wigan famously won the FA Cup in 2013, the year they last played in the Premier League, as Ben Watsons late header gave them victory over Manchester City in one of the all-time Wembley shocks.

United finished runners-up to City in the competition in June and are set to play a third-round tie away from home for the first time in four years.

We drew 0-0 with Wolves at this stage in 2020, before beating them in a replay in M16, courtesy of a Juan Mata goal.

Another fixture to look out for on the same weekend as Wigan v United is a clash between the Premier Leagues current top two, Arsenal and Liverpool.

Tottenham v Burnley, Crystal Palace v Everton and Brentford v Wolves are all-top-flight ties, while there will be a mouthwatering match in the north-east as Sunderland host Newcastle United.

Weilong announced 2023 Interim Results

Aug 29, 2023 | Business

Weilong Delicious Global Holdings Ltd (“Weilong” or the “Company”) (Hong Kong stock code: 9985.HK) announced its unaudited interim results for the six months ended 30 June 2023 (the “Reporting Period”).
As the impact of the Covid-19 gradually wanes, the consumption scenarios are constantly improving, and the consumption conditions are constantly getting better. China’s economy is steadily recovering and returning to normal operations. As a leader and pioneer in the spicy snack food industry in China, Weilong is not only dedicated to enhance research and development (“R&D”) capabilities, intensively cultivate existing product categories and expand product portfolio but also actively explored the snacks specialty retailer channel, expanded the nationwide sales and distribution network and deepening development of online channels, through youth-oriented brand marketing to enhance interaction with young consumers and establish closer connection with consumers.

Weilong’s performance was solid during the Reporting Period, recording a revenue of RMB2,327.3 million, representing a year-on-year (YoY) increase of 3.0%, primarily due to (i) the Group making structure adjustments to its main products and upgrading its operations in the Previous Year, initial results in the Reporting Period have been achieved due to these adjustments and upgrades; (ii) a drop in the consumer flow of offline traditional channels and channels of hypermarkets and supermarkets during the Reporting Period and (iii) an increase in the average selling price resulted from the Group’s structural adjustment of main products in the Previous Year, which was partially offset by a decrease in the sales volume of the products. Gross profit increased by 28.4% YoY to RMB1,106.2 million and gross profit margin improved to 47.5% from 38.1% in the same period last year, mainly due to (i) an increase in the average selling price resulted from the Group’s structural adjustment of main products in the Previous Year; (ii) a decrease in the price of raw materials during the Reporting Period; and (iii) the optimization of the Group’s cost management by streamlining production process continuously. Net profit of RMB447.1 million was up 271.4% YoY. Adjusted net profit increased by 17.0% YoY to RMB497.0 million and adjusted net profit margin improved to 21.4% from 18.8% in the same period last year mainly due to the increase in gross profit.

Based on the Group’s surplus and overall financial conditions, the Board has resolved to the distribution of an interim dividend of RMB0.12 (tax inclusive) per share, representing approximately 60% of the net profit of the Group for the Reporting Period. The dividend is expected to be paid on or about October 12, 2023.

During the Reporting Period, on the product side, the Group adhered to the strategy of “multiple categories and large single product”, continued to expand our product portfolio through years of research and development and innovation to respond to changing market conditions and consumer preferences quickly.

In terms of channel, Weilong continued to strengthen the offline sales strategy of “sales support and sales assistance” to further enhance the coverage and the execution quality of POS. With the quick rise of the new channel of snacks specialty retailers across China, the Group actively launched customized products targeting this new channel of snacks specialty retailing in the hope of seizing the development opportunities brought by such new channel more effectively.

On the branding front, the Group continuously strengthens brand building through brand activities centering around young consumers and conducts consumer research and interaction to actively explore improvements of brand awareness and reputation, combined with in-depth online content marketing to enhance user engagement, so as to provide consumers with better product experience.

Mr. Liu Weiping, Chairman of the Board of WEILONG, commented, “In the face of the diversified changes in the sales channels of China’s snack food industry, new channels such as snacks specialty retailers and content e-commerce platforms are continuing to increase in traffic. Weilong will actively embrace the development opportunities brought by new channels with a more proactive and open mindset. At the same time, the Group will continuously strengthen product building and brand building, refine and improve the Group’s product portfolio and the Group’s brand awareness and reputation. The Group will continue to consolidate its manufacturing capabilities and R&D capabilities, enhance organizational capabilities and the construction of digital intelligence to improve its overall operational efficiency and consumer experience. Finally, the Group will stay true to its original aspiration and mission, striving to maximize returns for consumers, clients, shareholders, investors, employees and the society.”

About Weilong Delicious Global Holdings Ltd
WEILONG Delicious Global Holdings Limited (“WEILONG”) is an all-in-one spicy snack products enterprise, leading in the research and development, production, processing, and sales of spicy snack foods in China. With strong growth momentum and a highly influential brand, WEILONG has been committed to transforming the traditional food into a more entertaining, casual, and convenient format that is also affordable. Since pioneering the first spicy snack in 2001 and leading the construction of industry standards to this day. Our goal is to create delicious casual food and enjoyable consumer experiences for our customers. With its outstanding “multiple categories and large single product” strategy and category expansion capabilities, WEILONG has successfully expanded into categories such as vegetable products, bean products, and other products, launching single products such as “Konjac Shuang”, “Fengchi Kelp”, and “78 Degree Celsius Braised Eggs”. WEILONG is a popular snack food brand among young Chinese consumers and has won several marketing awards. In 2023, WEILONG won the “Top Digital Innovation Marketing Award – Content E-commerce Special Award” and “The 14th Tiger Roar Awards – Social Media Marketing (Bronze)”. For more information, please visit https://www.weilongshipin.com/


Topic: Press release summary