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Public company info - Metaverse Yunji Technology Group Company Limited , 08287.HK

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Metaverse Yunji Technology Group Company Limited, 08287.HK - Company Profile
Chairman Kim Byung Kwon
Share Issued (share) 660,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry IT Hardware
Corporate Profile Business Summary: The group is principally engaged in engaged in the manufacturing and sales of networking products and non networking products. Performance for the year: For the year ended 31 December 2019, the Group recorded revenue of approximately HK$573.1 million,the revenue remained stable comparing with that of approximately HK$573.7 million for the year ended 31 December 2018. Business Review: The Group recorded a significant net loss of approximately HK$26.1 million attributable to equity holders of the Company for the year ended 31 December 2019. The Board considers that this is primarily attributable to (a) the impact of the challenging global economic environment due to the uncertain global trade prospects and the the Groupak performance of the global economy; (b) selling expenses related to overseas market development; and (c) administrative expenses of the Group. The Group sold its branded products mainly on a wholesale basis through its distributors covering many countries and regions including Korea, the PRC, Vietnam, Hong Kong, Taiwan and Malaysia, etc. In addition, the Group has subsidiaries in Taiwan and Vietnam with strong sales team working closely with its distributors. The revenue contributed from the Group’s Taiwan and Vietnam operations the Groupre approximately HK$34.6 million and HK$44.3 million respectively for the year ended 31 December 2019, which in aggregate contributed approximately 13.8% of the Group’s revenue. The Group is looking forward to the growth in the Asia-pacific market including Vietnam and Taiwan in the coming years. Including the revenue from the Group’s largest customer, which represented approximately 53.8% of the Group’s total revenue for the year ended 31 December 2019, and approximately 62.9% of the revenue was generated from the Group’s largest market, Korea for the year ended 31 December 2019. Revenue generated from Korea decreased by approximately 9.4%. The decrease was mainly due to the fact that change in economic conditions of the Group’s export countries, such as interest rates, currency exchange rates, inflation, deflation, political uncertainty, taxation, stock market performance and general consumer confidence, may affect the volume of purchase of the Group’s customers. Any change in the sales orders from the Group’s customers in the Group’s export countries resulting from any change in global or regional economic conditions may also affect the Group’s business operations and financial performance. Prospects: The Group’s business objective is to strengthen the Group’s position as a networking products manufacturer specialising in the design and development of wireless networking products by enhancing recognition of the Group’s own brand and increasing the Group’s profitability. In support of the Group’s business objective, the Group will continue to implement the business strategies of increasing the Group’s growth in the emerging markets in Asia and other markets with good potential, increasing the Group’s production capacity and broadening its product offerings, enhancing its overall competitiveness and market share. Below are some industry trends for 2020: Wi-Fi 6: Some of the latest handheld mobile devices are Wi-Fi 6 enabled and as 5G phones are not yet in wide circulation and 5G services are not fully rolled out and unlikely to be the ultra fast speed connectivity that was promised or that we will see in future years, it is likely that more people will be using Wi-Fi 6 than 5G. IoT: In 2020, the Internet of Things (IoT) is predicted to generate an additional US$344B in revenues, as well as to drive US$177B in cost reductions. IoT and smart devices are already increasing performance metrics of major US-based factories. They are in the hands of employees, covering routine management issues and boosting their productivity by 40-60%. The current business environment remains overshadowed by the United States and PRC trade tensions with a possible trade truce and the recent COVID-19 outbreak in China and the rest of the world. In relation to the COVID-19 outbreak, the expectation is for a temporary but significant disruption in the near-term. The speed of recovery and the extent of any long term impact remain uncertain but will depend on the duration and severity of the outbreak and associated containment measures. Despite this, the Group will continue to pursue and maintain a conservative but proactive investment approach, focusing on product innovation, market share gain, geographical expansion and operational excellence, so as to bring better returns for the shareholders and ensure the Company stays competitive in the market.

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