Xingye auto leather logs 23% Q1 gross profit margin

13 June 2023

Xingye Technology says that Q1 consolidated income was 464 million yuan: the parent company realized 270 million yuan, Hongxing Auto Leather realized 110 million yuan, and Baotai Leather achieved more than 68 million yuan, according to a report in Straight Flush.

Many foreign and domestic brands are the company’s primary customers for leather shoes, such as Belle, Senda, Timberland, Colombia, Olukai, Red Dragonfly , Dissana, Fianni, Lilang, Wanlima, Jihua Group, Kangnai, Aokang and Qianbaidu.

In 2022, Hongxing Auto Leather recorded revenue of 408 million yuan, a net profit of 33.801 million yuan, and a gross profit margin of 23.09%. It is already a supplier of interior leather for car manufacturers such as Ideal Automobile, Weilai Automobile, Wenjie Automobile, Nezha Automobile, Geely Automobile, and Mazda Automobile.

Hongxing Auto Leather has several production advantages. It can perform the entire process, from hide to finished leather, with more consistent quality and faster product adjustment. In addition, Hongxing Auto Leather can provide cutting services according to customer requirements.

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