Gelonghui March 15 | Hengguang Photonics (01134.HK) announced that, based on a preliminary assessment of the Group's unaudited comprehensive management accounts for the year ended 31 December 2023 (not reviewed or reviewed by independent auditors and the Company Audit Committee) and information currently available to the board of directors, the Company is expected to record a net profit of approximately HK$1.4 million in the reporting year, while net profit of approximately HK$9.2 million was recorded for the year ended 31 December 2022 (the “previous reporting year”).

The board of directors believes that the Group's net profit narrowed in the reporting year, mainly due to sales orders from eyewear product sales and a decrease in gross margin in the reporting year compared to the previous reporting year; this was partly offset by demolition compensation received by a Chinese subsidiary of the Group in the reporting year, which did not receive such compensation in the previous reporting year.