Summary by Moomoo AI
CHI HIN GROUP HOLDINGS LIMITED (THE “COMPANY”) ANNOUNCES ITS ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023. The Group's revenue decreased approximately 19.1% from approximately RMB634.2 million in FY 2022 to approximately RMB512.8 million in FY 2023. Gross profit increased approximately 81.5% from approximately RMB57.4 million in FY 2022 to approximately RMB104.2 million in FY 2023, while gross profit increased from approximately 9.1% in FY 2022 to approximately 20.3% in FY 2023. Profit for the year increased from approximately RMB1.3 million in FY 2022 to approximately RMB10.1 million in FY 2023. The Group started selling iron ore tailings recycling products in May 2023 and entered into agreements with third parties in September 2023 to provide processing services, contributing significantly to revenues. The Group has a leverage ratio of 49% and no purchase, sale or redemption of any of the Company's listed securities during the reporting period. The Audit Committee of the Board of Directors has reviewed the financial statements and deemed them to be in compliance with applicable accounting criteria and adequate disclosure.