Xingye net profit for first three quarters down by 25.71%

2 November 2022

Xingye Technology’s financial report for the first three quarters of 2022 shows that operating income is up but net profit is down.

From January to September 2022, the company logged operating income of 1.401 billion yuan, a year-on-year increase of 13.37%. The net profit attributable to shareholders was 132 million yuan, a year-on-year decrease of 25.71%.

For just the third quarter, company revenue was 658.89 million yuan, a year-on-year increase of 52.84%. The net profit attributable to shareholders was 80.3461 million yuan, a year-on-year increase of 30.76%. The company’s first full quarterly consolidated statement of Hongxing Auto Leather for the third quarter shows that its operation is basically in line with expectations.

From January to September this year, the company’s original leather business accounted for over 90% of domestic sales and less than 10% of export sales. This year, due to the impact of the international situation, consumption in the European and American markets is weak, so export orders have been affected. However, because export sales currently make up a low proportion of the company’s business, the impact is limited. The overall sales volume of downstream customers is improving, driving demand for automotive leather orders to rise. Hongxing automotive leather has abundant orders in hand.

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