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Bawang Group (01338.HK): Zhu Dakai will be appointed as an independent non-executive director.
On June 19th, Gelonhui announced that Wang Qi resigned as an independent non-executive director and chairman of the Environmental, Social and Governance Committee, member of the Audit and Risk Management Committee, member of the Nomination Committee and member of the Remuneration Committee of Bawang Group (01338.HK), which will take effect on June 30, 2024. Zhu Dakai will be appointed as an independent non-executive director, member of the Audit and Risk Management Committee, member of the Environmental, Social and Governance Committee, which will take effect on June 30, 2024.
BaWang International Expects 70% to 80% Lower Profit for H1 2024
Bawang Group (01338.HK) issued a profit warning: it is expected that the net profit in the first half of 2024 will decrease by about 70% to 80% year-on-year.
Bawang Group (01338.HK) announced on June 14th that the management expects to record a net income range of approximately RMB 1 million in the first half of 2024, a decrease of about 70% to 80% from the net income of approximately RMB 4.5 million in the same period of 2023. The main reason is the increase in sales and distribution expenses from e-commerce and traditional channels in the first half of 2024, such as promotion costs for e-commerce platforms, which will have a negative impact on the group's net profit margin.
Express News | BaWang International Group - Expected Result Due to Increase in Selling and Distribution Expenses
Express News | BaWang International Group Sees Relatively Lower Net Profit for Hy of Around RMB1.0 Mln
BAWANG GROUP: PROFIT WARNING
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