On March 25, GLONGHUI | Boer Electric (01685.HK) announced that for the year ended December 31, 2023, the Group's revenue declined slightly, recording RMB 585.6 million, a year-on-year decrease of 6.6%. The Group actively responds to market changes. Thanks to efficient business strategies and good operating quality, the Group's gross margin remained at 28.4%, with gross profit of RMB 166.0 million during the year. At the same time, the Group adopted strict internal control and supervision measures to maintain good operating efficiency. The Group's operating profit and profit before tax recorded RMB 63.0 million and RMB 32.7 million respectively, achieving year-on-year increases of 5.4% and 1.8%, respectively. The Group's profit declined slightly during the year, to RMB 28.9 million, a year-on-year decrease of 4.1%. Thanks to a sound and efficient corporate governance strategy, the Group's trade accounts receivable and payable and inventory levels remained healthy during the year, the balance and liability structure was further improved, and operating cash flow was positive for eight consecutive years.