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Public company info - Kwung's Holdings Limited , 01925.HK

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Kwung's Holdings Limited, 01925.HK - Company Profile
Chairman Jin Jianxin
Share Issued (share) 405,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Furniture & Household Goods
Corporate Profile Business Summary: The Group is principally engaged in design and manufacturing of home fragrance related products in the People’s Republic of China (the “PRC”), distributing the products to overseas and in the PRC. Performance for the year: The Group’s revenue increased by approximately RMB56.4 million or 12.7% to approximately RMB501.1 million for the year ended 31 December 2019 from approximately RMB444.7 million for the year ended 31 December 2018. The Group’s gross profit increased by approximately RMB26.7 million or 24.9% to approximately RMB133.7 million for the year ended 31 December 2019 from approximately RMB107.0 million for the year ended 31 December 2018. Business Review The Group is a prominent original design manufacturer and supplier of home decoration products, comprising candles, home fragrance and home accessories. The Group’s principal products for the year ended 31 December 2019 are candles and home fragrance. The Group’s products are sold to customers situated in more than 20 countries and regions, including France, United Kingdom, the Netherlands, Germany, Canada and Australia where candles and home fragrance are widely used in ordinary people’s daily life. The Group’s business is primarily conducted on original design manufacturing basis. The Group is responsible for providing product designs, procuring raw materials, manufacturing products, and identifying and supervising contract manufacturers (where required). After obtaining approval from our customers on the designs and specifications, the Group issues sales confirmation to record product details and terms of our sales and then proceed to mass production either through own production facilities or through external contract manufacturers. Products are packed and labeled according to customer’s instruction. The Group has selected lines of self-branded products such as “Fumare” and “Aromart” branded candles and home fragrance in the PRC and Australia. Products sold under “Fumare” target the mid-to-high-end consumer market and products sold under “Aromart” brand target mid-end and mass markets. The Group sells self-branded products mainly through e-commerce platforms, distributors and our self-operated stores in the PRC. The Group has integrated production facilities situated in Ningbo and Shaoxing, both in Zhejiang Province of the PRC. The Group undertakes the production of a majority of our candles with our in-house production facilities. Under certain circumstances, the Group outsources the production orders to third party contract manufacturers in the PRC. The Group’s major customers comprise retailers of home decoration products as well as wholesalers who import and sell our products to the overseas markets through their own distribution networks. A majority of the Group’s major customers are renowned home decor retailers or wholesalers in Europe. Sales to the Group’s five largest customers during the year ended 31 December 2019 accounted for approximately 55.7% of the Group’s total revenue and sales to the Group’s largest customer during the year ended 31 December 2019 accounted for approximately 16.2% of the Group’s total revenue. In addition to retailers and wholesalers, to capture market share and reach a wide customer, a small proportion of the Group’s products (mainly self-branded products) were sold to consumers directly through the Group’s diversified sales channels, which in aggregate, accounted for approximately 0.3% of the Group’s total revenue for the year ended 31 December 2019. The Group’s suppliers comprise suppliers of raw materials and consumables and contract manufacturers. The Group made procurement from over 250 suppliers for the year ended 31 December 2019. The Group’s major suppliers of raw materials and consumables are corporate entities who are principally engaged in the production and/or sale of wax, containers, accessories and aroma essence in the PRC. To optimise the cost of production and increase our overall production efficiency especially during peak seasons, to the extent commercially desirable and cost-efficient to do so, the Group outsources the production of certain batches of candles and the production of home fragrance and home accessories to external contract manufacturers. Prospects: With a view to fuel the Group’s business growth, proactively capture market opportunities, expand the sales of the Group’s products and increase the Group’s market shares, the Directors plan to implement the following measures: (i) establish physical presence overseas to increase market penetration of the Group’s products, better serve the Group’s major customers and enlarge the customer base in the Group’s major market; (ii) expand and upgrade the production facilities to strengthen the inhouse production capabilities to achieve economies of scale; (iii) strengthen the Group’s research and development capabilities to enrich the Group’s product offering and increase the overall competitiveness; (iv) upgrade the Group’s information system and logistics capacities to increase operational efficiency; and (v) enhance the Group’s sales and marketing efforts to enlarge market share, cultivate brand loyalty and capture potential business opportunities in markets outside Europe.

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