On March 19, Ge Longhui | Wangchen Technology Holdings (02458.HK) announced that the company expects to record a net profit of not less than RMB 70.0 million for the year ended December 31, 2023, an increase of no less than 419.7% over the same period last year.

The expected increase in net profit is mainly due to (i) a sharp drop in sales and marketing expenses due to the company's continuous improvement in customer acquisition efficiency and refined operations; and (ii) improvements in gross margin, leading to an increase in gross profit.