Shandong Fengxiang Co., Ltd., which has changed its controlling shareholder and is de-listing from the Hong Kong Stock Exchange, issued its third and possibly last annual results since its listing in 2020 on March 31, which shows that the company achieved sales revenue of CNY 5.086 billion ($ 739 million) in 2022, an increase of 15.1% over the same period last year, with a net loss of CNY 769 million ($ 111.74 million). However, the company also recorded a profit of CNY 39.21 million ($ 5.71 million) last year, down 16.7% from the same period last year, if deducting the bad debt losses caused by its deposits in the Finance Company of Xinfengxiang Holding Group.
Fengxiang Co., Ltd. mainly produces and sells further-processed chicken products and raw poultry of white broilers in Shandong Province, and has become the largest white broiler exporter in China, with export markets covering Japan, Malaysia, Europe, the Middle East, Korea, Mongolia, and Singapore.
In 2022, the company’s white broiler inventory increased by 9.9% year-on-year to 155 million. Its sales of further-processed chicken products increased by 6.0% to 114,000 tons, and its segment revenue increased by 3.3% to CNY 2.371 billion ($ 345 million), accounting for 46.6% of its total revenue. The company saw more significant growth in raw poultry products, which increased by 24.0% to 251,500 tons in sales and by 30.7% to CNY 2.501 billion ($ 363 million) in revenue, accounting for 49.2% of total income.
The company’s gross profit increased by 4.6%, while its gross profit margin decreased from 12.6% to 11.5%, compared with the same period in 2021.