According to the Zhitong Finance App, Tongfang Youyou (01868) announced the annual results for the year ended December 31, 2023. The group achieved continuous operating revenue of 786 million yuan (RMB, same below) during the period, a year-on-year decrease of 15.24%; profit attributable to shareholders was 26.821 million yuan, a year-on-year decrease of 45.01%; and basic profit per share was 1.28 points.
According to the announcement, the decrease in revenue was mainly due to a decrease of about 89.3 million yuan and 52.1 million yuan in revenue between the China Lighting Division and the US Lighting Division, respectively. In the year ended December 31, 2023, the number of orders declined due to inflationary pressure in the US market and continued economic downturn.
