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Public company info - Morris Home Holdings Limited , 01575.HK
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Morris Home Holdings Limited, 01575.HK - Company Profile
Chairman Zou Gebing
Share Issued (share) 1,000,000,000
Par Currency U.S. Dollar
Par Value 0.001
Industry Furniture & Household Goods
Corporate Profile Business Summary: The principal activities of the Group are the manufacture and sale of sofas, sofa covers and other furniture products. Performance for the year: The Group’s revenue decreased from approximately RMB1,610.0 million in 2018 to approximately RMB980.3 million in 2019, representing a decrease of approximately 39.1%. Loss for the year was approximately RMB140.7 million in 2019, as compared with profit for the year of approximately RMB86.4 million in 2018. Business Review During the 2019 financial year, the Group continued to develop new markets and invest in product design and research and development, and establishment and expansion of sales channels. However, due to the escalation of the Sino-US trade war, the Group’s revenue decreased from approximately RMB1,610.0 million in 2018 to approximately RMB980.3 million in 2019, representing a decrease of approximately 39.1%. Loss for the year was approximately RMB140.7 million in 2019, as compared with profit for the year of approximately RMB86.4 million in 2018. Business development in North America The trade and tariff disputes between the United States and China caused the overall slowdown of global macro-economy. The US, being the group’s largest market, brought the most adverse impact to the group’s Group’s overall performance. Both of the group’s wholesale and retail business in the US were not able to deliver the satisfactory performance. To mitigate the risks, with the efforts of the management, the Group strives to develop other markets, which is hoped to set a solid foundation for the Group’s future growth. Retail business development in China and Hong Kong As of December 2019, the Group had a total of 2 self-operated retail stores and 2 franchise stores across different provinces in Mainland China. In March 2019, the Group took its brand “Morrisofa” to the 34th Shenzhen International Furniture Fair, showcasing its comfortable, appealing and high quality products in front of customers. The Group has been expanding its scale of business in Hong Kong since the opening of its first flagship retail store in September 2017. As of December 2019, the Group opened 3 self-operated retail stores in Wan Chai, Sha Tin and Tsuen Wan, respectively. It also opened a store-within-a-store in Ma On Shan, and 4 points of consignment sales in Kowloon Bay, Causeway Bay and Yuen Long. In some of its branch stores, the Group also introduced auxiliary decoration services to establish one-stop services including decoration and furniture setting, instilling its stylish home design concept into Hong Kong market. Prospects: The group expect to be faced with more challenges and opportunities in 2020. As a result, the group will keep a close watch on the development of the situation, continue to refine the group’s management and make timely adjustments to the group’s operation and sales strategies.

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