XINGYE TECH.(SZ:002674)2023-06-07 08:17Financial Performance - In Q1 2023, the company's consolidated revenue was 464 million, with the parent company achieving 270 million. Hongxing Automotive Leather generated 110 million, and Baotai Leather reported over 68 million in revenue [1] - In 2022, Hongxing Automotive Leather achieved an annual revenue of 408 million, with a net profit of 33.8 million and a gross margin of 23.09% [2] Business Adjustments - The company has implemented a divisional management system to enhance efficiency and reduce R&D and production cycles, responding to the demand for smaller, quicker orders from downstream clients [1] - A dedicated team is established to serve downstream brand clients, integrating scattered orders through regional distributors for online brands [1] Client Relationships - The company collaborates with numerous domestic and international brands, including Belle, Senda, Timberland, and others [2] - Hongxing Automotive Leather is a supplier for several domestic new energy vehicle manufacturers, including Li Auto and NIO, and aims to expand its market presence in 2023 [2] Market Expansion - The establishment of Fujian Baotai has successfully entered the second-layer leather market, enhancing business expansion [3] - The company is increasing its market share in the shoe and clothing sector, with expectations for steady growth in shoe leather business due to economic recovery [3] - Investment in Indonesia for a tanning factory aims to better meet international brand demands and increase market share [3] Incentive Plans - The company has introduced an equity incentive plan to motivate the team and achieve set goals, anticipating a positive market outlook and development over the next three years [3]