Lizhong Group's 2023 net profit soars by 22.35% Y-o-Y, setting new records

In 2023, Lizhong Group achieved significant financial milestones, with total revenue of RMB 2,367.9 million, marking a notable increase of 10.80 per cent over the previous year. The net profit attributable to shareholders of listed companies, excluding equity incentive expenses, stood at RMB 710.45 million, reflecting a robust growth of 15.63 per cent Y-o-Y. Furthermore, the net profit attributable to listed shareholders soared to RMB 602.48 million, a remarkable surge of 22.35 per cent over the same period last year.

Several factors propelled the company's impressive performance during the reporting period. The recovery of the downstream automobile industry chain and the continuous surge in demand for new energy and high-end products contributed significantly to Lizhong Group's success. Sales of its lightweight aluminium alloy wheels, recycled cast aluminium alloys, high-end grain refiners, and aerospace-grade special intermediate alloys experienced continuous growth.

The company introduced new products and implemented cutting-edge technological upgrades, leveraging its innovation prowess. This strategic move accelerated market development, optimized product offerings, and forged stronger customer relationships.

Additionally, Lizhong Group intensified efforts in cost reduction and efficiency enhancement initiatives, steadily improving gross profit margins. These combined efforts bolstered the company's profitability and elevated its performance to unprecedented heights, culminating in a record-breaking year for Lizhong Group.