BEIJING, March 25, 2024 /PRNewswire/ -- Tong Ren Tang Technologies Co. Ltd. ("Tong Ren Tang Technologies" or the "Group", 1666.HK) is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2023.
In 2023, the Group's revenue amounted to RMB6.77 billion, representing a year-on-year increase of 13.04%; net profit attributable to the parent company amounted to RMB0.59 billion, representing a year-on-year increase of 1.25%. In terms of products, there were 62 products of the Group achieving a sales amount of more than RMB5 million, and 9 products achieving a sales amount of more than RMB100 million. At the same time, the Group had cash and cash equivalents of RMB2.75 billion. Trade and bills receivables decreased significantly by RMB0.61 billion, representing a year-on-year decrease of 40.67%. The Group maintained a sound financial position.
The Board of Directors believes that the main reasons for the steady growth of the Group's business in FY2023 include:
At the macro level: Balanced and coordinated development between traditional Chinese medicine and Western medicine were maintained, and there was huge potential for healthcare demand;
At the Group level: The Group adapted to the new normal of the traditional Chinese medicine industry, maintained its focus on core competitive advantages and built a diversified marketing development model;
At the operation level: During the year, the Group effectively coped with the risks and challenges brought about by multiple pressures such as the economic downturn and rising raw material prices, and maintained a healthy and steady financial condition.
In 2024, the Group will endeavor to enhance its ability in product control, channel expansion and marketing services, explore its development potential and actively cultivate new growth points to ensure the objectives and tasks in the "14th Five-Year Plan" are completed satisfactorily, and continue to promote the Group's high-quality development.
FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements or uses certain forward-looking terminologies which are based on the current expectations, estimates, and assumptions of Tong Ren Tang Technologies about the businesses and the markets in which the Group operates and reflect Tong Ren Tang Technologies' views as of the date of this announcement. These forward-looking statements are not guarantees of future performance and are subject to market risk, uncertainties and factors beyond the control of Tong Ren Tang Technologies. Therefore, actual outcomes may differ materially from the assumptions made and the statements contained in this announcement. Shareholders of the Group and potential investors are cautioned not to place undue reliance on the forward-looking statements and should exercise caution when dealing in the Group's securities.
About Tong Ren Tang Technologies
"Tong Ren Tang" is a long-established brand in China's traditional Chinese medicine industry. It is founded in 1669 and has a history of more than 350 years since then. In March 2000, China Beijing Tong Ren Tang Group Co., Ltd. injected some of its excellent assets to form Tong Ren Tang Technologies, which integrates production, supply and marketing. As a high-tech modern traditional Chinese medicine enterprise, it leverages modern pharmaceutical technology, takes up the mission of "Cultivating Kind-heartedness and Benefiting Mankind and Preserving Health", and insists on the pharmaceutical characteristics of "unique prescription, superior materials, superb technique and obvious effects".
Tong Ren Tang Technologies was listed on the GEM of the Hong Kong Stock Exchange in October 2003 and transferred to the Main Board of the Hong Kong Stock Exchange in July 2010. The products of the Group are available in more than 20 dosage forms, such as pills, tablets and granules, and include more than a hundred varieties, such as Liuwei Dihuang Pills, Ejiao, Angong Niuhuang Pills, Niuhuang Jiedu Tablets, Shengmai Liquor and Ganmao Qingre Granules.