H1 2023 Report: Rising Revenue and Profit for KOTL
On August 29th, Jinlong Machinery & Electronic Co.,Ltd. released its 2023 interim report, revealing that the company achieved a revenue of 1.643 billion yuan in the first half of the year, representing a year-on-year increase of 4.32%. The net profit attributable to the parent company reached 22.9052 million yuan, representing a significant year-on-year growth of 73.74%.
According to the semi-annual report of 2023, Jinlong Machinery & Electronic Co.,Ltd., Xingke Electronics, have signed contracts with Guangdong Fewo Intelligent Manufacturing Co., Ltd. The total amount of the contracts is 869 million yuan and 914 million yuan, respectively. The recognized sales revenue for this period is 54.08 million yuan and 113 million yuan, respectively.
According to KOTL's annual report for 2022, the company has ventured into the electronic vaporizer and related accessories business, generating a revenue of 2.058 billion yuan, accounting for 53.33% of its total revenue. The gross profit margin for this business segment is 7.16%. Specifically, sales to Guangdong Fewo amounted to 2.027 billion yuan.
According to an announcement released by KOTL on May 29th titled "Announcement on the Reply to the Shenzhen Stock Exchange's Inquiry Letter on the Company's 2022 Annual Report," the company mentioned that among the trading partners in its electronic atomizer and related accessories business in 2022, Guangdong Fewo Manufacturing Co., Ltd. and its subsidiary (referred to as "Guangdong Fewo") had a relatively high transaction amount (98.81%). Regarding Guangdong Fewo's final sales destination after purchasing electronic atomizers and related accessories from the company, the company inquired with Guangdong Fewo, and their response is as follows: After purchasing electronic atomizers and related accessories from Jinlong Mechanical and Electrical, Guangdong Fewo mainly sells them to the following customers: IMiracle (Heaven Gifts) (Shenzhen) Technology Co., Ltd., Shenzhen Heaven Gifts Technology Co., Ltd., Shenzhen Quxin Technology Co., Ltd., and Shenzhen Niwo Network Technology Co., Ltd., among which sales to Heaven Gifts (Shenzhen) Technology Co., Ltd. account for over 90% of its total sales revenue.
According to the announcement, in the fiscal year 2022, KOTL's sales of e-cigarette accessories amounted to 724,000 boxes, generating a sales revenue of 2.057 billion yuan, with an average selling price of 2,842 yuan per box.
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