According to the Zhitong Finance App, Yuyuan Group (00551) issued an announcement. The Group expects profit attributable to company owners for the three months ending March 31, 2024 to increase by about 95% to 100% compared to the profit of $50.8 million for the same period in 2023.

According to the announcement, the increase in profit was mainly due to the gradual recovery of the global footwear industry and the normalization of orders, which led to improvements in capacity utilization and production efficiency, as well as support from the low base period effect. In addition, the one-time income from the sale of some of the interests of an associated company during the period was approximately US$12.6 million, which also contributed positively to profit.

The Group will enhance its operational resilience and create a highly agile and flexible operating model, with comprehensive manpower and capacity improvement plans to balance demand, order scheduling and labor supply, thereby improving production efficiency.