According to the Zhitong Finance App, Xinhongtai (603016.SH) disclosed its report for the first quarter of 2023. The company achieved revenue of 146 million yuan during the reporting period, a decrease of 0.52% over the previous year; the net profit of the mother was 14.8 million yuan, an increase of 34.38% over the previous year; after deducting non-net profit of 13.23 million yuan, an increase of 35.16% over the previous year; and basic earnings per share of 0.1 yuan.

The increase in net profit was mainly due to an increase in sales revenue of products with higher gross margins and a decrease in sales revenue of products with lower gross margins during the reporting period.