Mar 25, 2023 | Business
Tianyun International Holdings Limited (“Tianyun International”, together with its subsidiaries, the “Group”) (Stock code: 6836.HK) a leading seller and manufacturer of processed fruits products in China, is pleased to announce its audited annual results for the year ended 31 December 2022 (“Year Under Review”). Being a consumer goods company, the annual results of the Group demonstrate stable revenue and profit, and showcase successful achievements in R&D and innovation, introduction of new product categories, enhancement of brand reputation, expansion of production capacity planning, sales network, and development strategies for the future. The Group recorded a revenue of approximately RMB680.7 million, a gross profit of approximately RMB189.8 million and a net profit of approximately RMB96.6million, with gross profit margin improved to 27.9%. In view of the Group’s strong overall financial position and the steady improvement in its core competitiveness of the business, the Board recommends a final dividend of HK$0.05 per share for 2022.
Being a role model for the industry with award-winning quality
Shandong Tiantong Food Co., Ltd. (“Shandong Tiantong Food”), a wholly-owned subsidiary of the Group, was awarded the “Certificate of High-tech Enterprise” by the Shandong Provincial Department of Science and Technology, the Shandong Provincial Department of Finance and the Shandong Provincial Taxation Bureau of the State Administration of Taxation and will continue to enjoy the preferential policies of the State on income tax exemption for high-tech enterprises.
The Group also received the title of “Excellent Quality and Safety Management Enterprise” jointly awarded by Shandong Entry-Exit Inspection and Quarantine Association and other organisations. Meanwhile, Shandong Tiantong Food received the honorary titles of “Social Responsibility Model” and “Advanced Enterprise of Outstanding Contribution” of the canned food industry for the Thirteenth Five-year Plan as well as “Top 10 Enterprises (Export)” in China’s canned food industry by the China Canned Food Industry Association (“CCFIA”)., in recognition of the Group’s outstanding contribution in the three-year special campaign to build a brand in China’s canned food industry. Moreover, the Group was once again selected as a 2022 municipal-level “Specialized, Excellent, Featured and Innovative” Enterprise by the Linyi Municipal Bureau of Industry and Information Technology. The above honours represent a tremendous recognition of the Group’s comprehensive strength.
Enhanced marketing of own brands with new products widely recognised by the market
The Group has a series of own brands, including “Bingo Times”, “fruit zz”, “Tiantong Times”, “Shiok Party” and “Demon Fruit Season”, enabling it to enhance its brand image in an all-round manner. Progress has been made in various aspects such as product diversification, packaging diversification and production de-seasonalisation. Meanwhile, the Group has actively responded to the ever-changing consumer market, continuously improved product quality, upgraded product packaging, and incorporated more fashion and leisure elements. The Group also actively enriched its product series. The Group identified the recent rise in demand for canned yellow peaches in the market and responded by launching new product lines, such as “Chinese trend style” canned peaches, Zodiac-branded canned fruit products, and brown sugar canned pears. In addition, in response to the significant growth of the functional beverage market in recent years and the expansion of consumption scenarios, the Group developed a range of specialty beverages to enhance its competitiveness in this area and optimized its product offerings.
The Group capitalized on an opportunity to significantly refine its marketing strategy and bolstered its engagement with consumers by launching various promotional activities. These efforts have resulted in enhanced brand image and increased sales of its own brand products. Currently, the Group’s own brand products are available for sale in 27 provinces, municipalities, and autonomous regions across China, and the Group continues to utilize a “online + offline” sales model. The Group has established a presence on several popular online shopping platforms as its primary sales channels and has also partnered with online live-streaming entertainment platforms during major events like “Double Eleven” and “New Year’s Eve” to increase its market visibility, strengthen its brand promotion, and execute wide-reaching marketing campaigns. Looking forward, the Group plans to fully leverage on the advantages of digital technologies to further facilitate online sales of its own brand products.
Focus on OEM and the sales of fresh fruits business development
The Group’s OEM business has exhibited steady development. Over the years, the Group has maintained close partnerships with globally renowned food brands and traders. Given the sustained demand for “Made in China” processed fruit products in foreign markets, the Group plans to actively seek out additional high-quality customers in developed countries and regions like Europe, Australia, New Zealand, Japan, the United Kingdom, the United States, and Canada, in order to expand its share in the international market.
The sales of Chinese fresh fruits always have advantages both locally and overseas, and the Group has accumulated many years of experiences in this regard. The Group plans to diversify its fresh fruit product portfolio and expand its sales network to other regions. In addition, the Group’s Yunnan production base is situated amidst plenty fruit resources, allowing the Group to source and process a greater variety of exotic fruits and vegetables from tropical regions. This, in turn, will provide consumers with a wider selection of high-quality, diverse fruit and vegetable products.
Actively research and develop new production techniques and construct new workshops and bases to expand production capacity
To enhance its production capacity and achieve sustainable growth, the Group has been actively investing in research and development of new products with independent core technologies, as well as continuously improving its production techniques. As a leading high-tech enterprise in the industry, the Group successfully developed two new specialty beverages during the review period: vitamin sports drinks with fruit pieces and fruit enzyme sports drinks. The vitamin sports drink is a beverage that contains fruit pieces processed from fruits, which can improve energy metabolism and alleviate fatigue. The fruit enzyme sports drink uses peaches, apples, and other raw materials to provide enzymes that meet daily nutritional requirements and is aimed at promoting better health. With the completion of R&D, the Group is entering the preparatory stage of production and sales for these two new products, which will soon be launched in the market, offering consumers more diversified choices.
The Group has been actively expanding its production capacity. The Shandong production base has made continuous improvements in its production facilities, increasing output and enhancing efficiency through automation. The installation of new production workshops No. 5 and No. 6 is nearly completed, which will significantly expand the production capacity of both new and existing processed fruit products. Additionally, the construction of the Yunnan production base began in 2022 and is expected to be partially operationalby the end of 2023. This is a significant step for the Group’s development in China’s tropical climate region, as it will comprehensively expand the Group’s overall production capacity, improve logistics and warehousing, and offer customers a wider variety of processed fruit products and specialty beverages. The Yunnan production base will work in tandem with the Shandong production base to increase the production and sales of tropical, subtropical, and temperate processed fruit products and beverages.
Mr. Yang Ziyuan, Chairman and CEO of the Group said, “In the aftermath of COVID-19, as the world gradually reopens, the Group has focused on creating value, improving risk management, and enhancing operational efficiency. The Group aims to seize the opportunities presented by the restoration of normalcy by investing in R&D, developing new product categories, improving product packaging and design, and expanding its distributor network. These efforts will not only boost the Group’s revenue and profitability but also provide customers and consumers with a greater variety of fruit products and specialty beverages. As the Group strengthens its capabilities and expands its investment in sales channels, it will prioritize diversified product categories and a robust brand portfolio as a core business strategy. Additionally, the Group will pursue domestic and international M&A opportunities and strategic partnerships to broaden its sources of revenue, promote a diversified development model, enhance its brand influential power, and reputation globally. By doing so, the Group will achieve sustainable growth and offer consistent and sustainable returns to its shareholders and investors.”
About Tianyun International Holding Limited (Stock Code: 6836.HK)
Tianyun International Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) the research and development, production and sales of processed fruit packaged in metal containers, plastic cups, glass containers and aluminum foil bags and beverages ii) trading of fresh fruit. Processed fruit products are sold both under its own brands “Bingo Times”, “fruit zz” and “Tiantong Times” and on an OEM basis. The beverages are sold under its own brand Shiok Party “Shiok Party” and “Demon Fruit Season”.
The Group has been consistently committed to providing its customers with healthy and safe products. As a food enterprise with one of the most complete quality certifications, we rigorously adhere to stringent international production standards and are accredited with BRC (A), IFS Food (High), FDA(FSMA), SC, KOSHER, SMETA and ISO9000, etc. in respect of our production facilities, quality control and management. The Group has also passed the internal food production standards reviews and audits from several UK and US supermarket chains. At the same time, as a Chinese “Equal production line; Equal standard; Equal quality” food production and export enterprise, the Group has been supplying products of consistent quality to domestic and international markets. Since 2016, the Group’s own-brand processed fruit products have continued to achieve high market recognition, and have also been awarded the honor and qualification of “China Canned Product Quality Certification Label” by national associations.
The Group was awarded China’s Most Promising Listed Companies by internationally-renowned financial magazine Forbes, and the “2017 Linyi Mayor Quality Award” by the PRC government in 2017. The Group’s new and proprietary researched, developed and produced pure fruit snack food received a national “Certificate of Invention Patent” in 2018. In 2019 and 2022, the Group was awarded the national Hi-tech Enterprise Certificate consecutively. In 2020, the Group was recognised as one of the Most Valuable Chinese Brands for the fourth consecutive year.
For more information, please visit www.tianyuninternational.com
Topic: Press release summary
Jan 3, 2023 | Business
Tianyun International Holdings Limited (“Tianyun International”, together with its subsidiaries, (the “Group”) (Stock Code: 6836.HK), a leading seller and manufacturer of processed fruit products in the People’s Republic of China (“PRC”), is pleased to announce that the Group has signed a Memorandum of Understanding (MOU) with SF Innovation Co., Ltd., a leading Korean food and beverage manufacturing company, under which the two companies will work together as strategic partners to explore and develop the distribution of fruit products and beverages along with promoting Asian cuisine in the Korean market. The MOU is expected to contribute to expanding the Group’s overseas revenue streams and diversify its business, as well as enhance the Group’s branding and international reputation.
SF Innovation Co., Ltd. is a leading food and beverage manufacturing company in Korea. The company has a particularly strong presence in the Korean market with the multiple successful restaurant brands and food delivery service, and sells (Korean style) instant food packaged in metal containers. It has a strong influence in the Korean market.
Mr. Yang Ziyuan, Chairman and CEO of the Group, said, “We have been actively seeking expansion opportunities for our high quality, healthy and diversified processed fruit products and featured beverage products in overseas markets. This strategic partnership will combine the respective resources of the Group and SF Innovation Co., Ltd. SF Innovation Co., Ltd. ‘s local expertise in franchising, branding and food delivery, which include distribution of fruit products and developing Asian cuisine for the Korean market. We are delighted that an agreement has been reached and we look forward to expanding the scope of our cooperation, such as strategic investment, in the future. We also believe that this synergistic partnership will enable both companies to achieve great success in the long-term development of the Korean market. Meanwhile, the Group is accelerating its production technology upgrades and continues to bring diversified healthy and featured beverages, and snack good to consumers, as it expands into domestic and international markets. Leveraging the Group’s industry-leading position and meeting our social responsibility to drive high-quality development within the industry, we are striving to become an international fruit product & beverages company and contribute to the society by giving back to consumers for their support and trust.”
About Tianyun International Holding Limited (Stock Code: 6836.HK)
Tianyun International Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) the research and development, production and sales of processed fruit packaged in metal containers, plastic cups, glass containers and aluminum foil bags and beverages ii) trading of fresh fruit. Processed fruit products are sold both under its own brands “Bingo Times”, “fruit zz” and “Tiantong Times” and on an OEM basis. The beverages are sold under its own brand Shiok Party “Shiok Party” and “Yao Guo Ji”.
The Group has been consistently committed to providing its customers with healthy and safe products. As a food enterprise with one of the most complete quality certifications, we rigorously adhere to stringent international production standards and are accredited with BRC (A), IFS Food (High), FDA(FSMA), HALAL, SC, KOSHER, BSCI and ISO22000, etc. in respect of our production facilities, quality control and management. The Group has also passed the internal food-production standards reviews and audits from several UK and US supermarket chains. At the same time, as a Chinese “Equal production line; Equal standard; Equal quality” food production and export enterprise, the Group has been supplying products of equivalent quality to domestic and international markets. Since 2016, the Group’s own-brand processed fruit products have continued to achieve high market recognition, and have also been awarded the honor and qualification of “China Canned Product Quality Certification Label” by national associations.
The Group was awarded China’s Most Promising Listed Companies by internationally-renowned financial magazine Forbes, and the “2017 Linyi Mayor Quality Award” by the PRC government in 2017. The Group’s new and proprietary researched, developed and produced pure fruit snack food received a national “Certificate of Invention Patent” in 2018. The Group was awarded the national Hi-tech Enterprise Certificate in 2019. In 2020, the Group was recognised as one of the Most Valuable Chinese Brands for the fourth consecutive year.
For more information, please visit www.tianyuninternational.com
Topic: Press release summary
Jul 5, 2022 | Business
Tianyun International Holdings Limited (“Tianyun International”, together with its subsidiaries, (the “Group”) (Stock Code: 6836.HK), a leading seller and manufacturer of processed fruit products in the People’s Republic of China (“PRC”), is pleased to announce that Shandong Tiantong Food Co., Ltd. (“Shandong Tiantong Food”), a wholly-owned subsidiary of the Group, was awarded the honorary titles of Thirteenth Five-year Plan “Social Responsibility Model “, “Advanced Enterprise of Outstanding Contribution ” and “Top 10 Enterprises (Export)” in China’s canned food industry in 2020 by the China Canned Food Industry Association (“CCFIA”). These awards confirmed the outstanding contribution made by Shandong Tiantong Food in China’s canned food industry’s three-year special action plan for brand building.
The China Canned Food Industry Development Conference and the Sixth Member Congress of the China Canned Food Industry Association were held in Beijing through both online and offline events. They discussed and analyzed the current state of and future trends for China’s canned food industry as well as the role that canned foods play in promoting China’s industrial development. The conference also recognized advanced enterprises that have made outstanding contributions to the industry. The council unanimously recognised Shandong Tiantong Food, awarding it with the “Social Responsibility Model” and two other honorary titles for its high-quality products, pragmatic and innovative spirit, conscientious adherence to food safety guidelines, and for being a role model to the entire industry.
Mr. Yang Ziyuan, Chairman and CEO of the Group, said, “We are honored to be recognized by the CCFIA and these awards confirm the Group’s overall strength. Looking ahead, we will fully implement innovative development, increase R&D into more innovative products, enhance the food production process, continuously launch high-quality products within various categories and flavors, and improve our food safety management systems. Meanwhile, the Group will accelerate the upgrading of its production technology and break the technical barrier to more fully expand into domestic and international markets. Leveraging the Group’s industry-leading position and meeting our social responsibility to drive high-quality development within the industry, we will strive to become one of Mainland China’s leading fruit product & beverages companies and thereby contribute to society and give back to consumers for their support and trust.”
About Tianyun International Holding Limited (Stock Code: 6836.HK)
Tianyun International Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) the research and development, production and sales of processed fruit packaged in metal containers, plastic cups, glass containers and aluminum foil bags and beverages ii) trading of fresh fruit. Processed fruit products are sold both under their own brands “Bingo Times”, “fruit zz” and “Tiantong Times” and on an OEM basis. The beverages are sold under their own brand Shiok Party “Shiok Party” and “Yao Gu Ji”.
The Group has been consistently committed to providing its customers with healthy and safe products. As a food enterprise with one of the most complete quality certifications, we rigorously adhere to stringent international production standards and are accredited with BRC (A), IFS Food (High), FDA(FSMA), HALAL, SC, KOSHER, BSCI and ISO22000, etc. in respect of our production facilities, quality control and management. The Group has also passed the internal food-production standards reviews and audits from the several UK and US supermarket chains. At the same time, as a Chinese “Equal production line; Equal standard; Equal quality” food production and export enterprise, the Group has been supplying products of equivalent quality to domestic and international markets. Since 2016, the Group’s own-brand processed fruit products have continued to achieve high market recognition, and have also been awarded the honor and qualification of “China Canned Product Quality Certification Label” by national associations.
The Group was awarded China’s Most Promising Listed Companies by internationally-renowned financial magazine Forbes, and the “2017 Linyi Mayor Quality Award” by the PRC government in 2017. The Group’s new and proprietary researched, developed and produced pure fruit snack food received a national “Certificate of Invention Patent” in 2018. The Group was awarded the national Hi-tech Enterprise Certificate in 2019. In 2020, the Group was recognised as one of the Most Valuable Chinese Brands for the fourth consecutive year.
For more information, please visit www.tianyuninternational.com
Topic: Press release summary
Jun 1, 2022 | Business
Tianyun International Holdings Limited (“Tianyun International”, together with its subsidiaries, (the “Group”) (Stock Code: 6836.HK), a leading seller and manufacturer of processed fruit products in the People’s Republic of China (“PRC”), is pleased to announce that Shandong Tiantong Food Co., Ltd. (“Shandong Tiantong Food”), a wholly-owned subsidiary of the Group, was awarded the titles of “Excellent Quality and Safety Management Enterprise” jointly presented by Shandong Entry-Exit Inspection and Quarantine Association and other organizations. As the leader in technology research and development of the enterprise, Ms. Lv Chunxia, the Deputy General Manager of the Group, was appointed as a member of the “Food Expert Technical Committee of Shandong Entry-Exit Inspection and Quarantine Association” and a member of the “Standardization Committee of Shandong Entry-Exit Inspection and Quarantine Association”. The Group is also honored to be re-elected as the “High-quality Development of Technologically Advanced” Small and Medium-sized Enterprises at the municipal level in 2022 announced by Linyi Municipal Bureau of Industry and Information Technology.
The fifth meeting of the Fifth Council and the founding meeting of the Aquatic Food Branch, convened by Shandong Entry-Exit Inspection and Quarantine Association and Shandong International Travel Healthcare Association, was recently held in Qingdao. After reviewd by the expert group of the association, the Group has won praise from many countries and consumers with its excellent technical strength, exceptional product quality and after-sales service, demonstrating the Group’s top-notch quality and safety management system and industry influence.
Mr. Yang Ziyuan, Chairman and CEO of the Group, said, “We are honored to receive the above awards, which represent high recognition of the Group’s product quality. With the enhancement of the Group’s comprehensive strength, the Group will continue to pursue excellence, optimize the quality and safety management system. We aim to provide technical service guarantee for the quality and safety of food production, further deepen the quality safety management of food production, and promote the coordinated development among industries and regions. Looking ahead, the Group will continue to focus on the production of healthy and safe food, create a better and happy life, constantly pursue excellent product quality, and strive to play a leading role in the industry and practice high-quality development.”
About Tianyun International Holding Limited (Stock Code: 6836.HK)
Tianyun International Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) the research and development, production and sales of processed fruit packaged in metal containers, plastic cups, glass containers and aluminum foil bags and beverages ii) trading of fresh fruit. Processed fruit products are sold both under its own brands “Bingo Times”, “fruit zz” and “Tiantong Times” and on an OEM basis. The beverages are sold under its own brand Shiok Party “Shiok Party” and “Yao Guo Ji”.
The Group has been consistently committed to providing its customers with healthy and safe products. As a food enterprise with one of the most complete quality certifications, we rigorously adhere to stringent international production standards and are accredited with BRC (A), IFS Food (High), FDA(FSMA), HALAL, SC, KOSHER, BSCI and ISO22000, etc. in respect of our production facilities, quality control and management. The Group has also passed the internal food-production standards reviews and audits from several UK and US supermarket chains. At the same time, as a Chinese “Equal production line; Equal standard; Equal quality” food production and export enterprise, the Group has been supplying products of equivalent quality to domestic and international markets. Since 2016, the Group’s own-brand processed fruit products have continued to achieve high market recognition, and have also been awarded the honor and qualification of “China Canned Product Quality Certification Label” by national association.
The Group was awarded respectively the China’s Most Promising Listed Companies by the internationally renowned financial magazine Forbes, and the “2017 Linyi Mayor Quality Award” by the PRC government in 2017. The Group’s newly and proprietary researched, developed and produced pure fruit snack food received a national “Certificate of Invention Patent” in 2018. The Group was awarded the national Hi-tech Enterprise Certificate in 2019. In 2020, the Group was recognised as one of the Most Valuable Chinese Brands for the fourth consecutive year.
For more information, please visit www.tianyuninternational.com
Topic: Press release summary
Dec 22, 2021 | Business
Tianyun International Holdings Limited (“Tianyun International”, together with its subsidiaries, the “Group”) (Stock Code: 6836.HK), a leading manufacturer of processed fruit products in the People’s Republic of China (“PRC”), today announced the successful acquisition of a parcel of land located in Honghe Prefecture of Yunnan Province, PRC. The land has an area of 130,000 square metres and is located in the Mile Green Food Processing Park. The total consideration is about RMB61.12 million.
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| Tianyun International has successfully obtained the parcel of land located in the Mile Green Food Processing Park for setting up the Yunnan Production Base. |
As a key step of the Group’s development within the tropical climate zone in China, the Group plans to set up a production base (the “Yunnan Production Base Project”) to further expand its production capacity and sales potential, focusing on manufacturing tropical processed fruits and vegetables, and developing greater synergies with other Group production bases in order to enrich the variety of processed fruits produced and increase market coverage.
The Yunnan Production Base Project is located in the low-latitude plateau area of Yunnan’s Honghe Prefecture, which has a strong reputation as a “Natural Greenhouse” with its low-latitude, and produces a variety of characteristic fruits, including mangoes, pineapples, papaya, pomegranates, grapes and kiwis. With strong local government support, the green food and food processing industries situated there have shown rapid development in recent years. Yunnan Province shares its borders with three southeast Asian nations and has reliable access to PRC seaports, which allows it to cover the ASEAN region as well as source imported products conveniently.
The Yunnan Production Base Project is designed to produce a total of 90,000 tonnes of fruit-based products per annum, with the initial focus on the production and sales of canned fruit and vegetable, beverages, and fruit jelly products. A complex network of roads in Yunnan Province will provide our production base with stable links to Vietnam, Myanmar, Laos, and Thailand with two-way circulation of commodities. The Yunnan Production Base project with Wubei and Shandong Production Bases of the Group in the southwest, middle and northern parts of the PRC will also provide further synergies. The Group will establish a research centre, processing centre, grading centre, sales and trading centre, and storage and logistics center in the Yunnan Production Base Project.
Mr. Yang Ziyuan, Chairman and CEO of the Group, said; “We are pleased to have strategically acquired the land in Honghe Prefecture of Yunnan Province as it marks the official launch of the Yunnan Production Base Project. As a national high-tech enterprise, the Group adheres to promoting enterprise sustainability through innovation and technology, in order to build a high-quality green food brand and modern production base. Through the Yunnan Production Base Project, the Group will introduce unique agricultural products and purchase more fruit varieties from the tropical climate zone in order to further expand its business from the east and middle to the southwest parts of the PRC.
We are confident that when the Yunnan Production Base Project commences operation, the production capacity of the Group’s products will be increased significantly. The warehousing and logistics arrangement for the Group’s own brand products in the PRC will also be benefit with enhanced cost efficiency so that we are in a well position to provide customers with more diverse and richer processed fruit products and beverages, thereby achieving a more sustainable path for the Group.”
About Tianyun International Holding Limited (Stock Code: 6836.HK)
Tianyun International Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) the research and development, production and sales of processed fruit packaged in metal containers, plastic cups, glass containers and aluminum foil bags and beverages ii) trading of fresh fruit. Processed fruit products are sold both under its own brands “Bingo Times”, “fruit zz” and “Tiantong Times” and on an OEM basis. The beverages are sold under its own brand Shiok Party “Shiok Party”.
The Group has been consistently committed to providing its customers with healthy and safe products. As a food enterprise with one of the most complete quality certifications, we rigorously adhere to stringent international production standards and are accredited with BRC (A), IFS Food (High), FDA(FSMA), HALAL, SC, KOSHER, BSCI and ISO22000, etc. in respect of our production facilities, quality control and management. The Group has also passed the internal food-production standards reviews and audits from several UK and US supermarket chains. At the same time, as a Chinese “Equal production line; Equal standard; Equal quality” food production and export enterprise, the Group has been supplying products of equivalent quality to domestic and international markets. Since 2016, the Group’s own-brand processed fruit products have continued to achieve high market recognition, and the Group became China’s first fruit-processing company to place a “Zero Added Preservatives” label on its products.
The Group was awarded respectively the China’s Most Promising Listed Companies by the internationally renowned financial magazine Forbes, and the “2017 Linyi Mayor Quality Award” by the PRC government in 2017. The Group’s newly and proprietary researched, developed and produced pure fruit snack food received a national “Certificate of Invention Patent” in 2018. The Group was awarded the national Hi-tech Enterprise Certificate in 2019. In 2020, the Group was recognised as one of the Most Valuable Chinese Brands for the fourth consecutive year.
For more information, please visit www.tianyuninternational.com
Topic: Press release summary
