According to the Zhitong Finance App, Reishi Group (01327) announced the results for the year ended December 31, 2023. The Group's revenue was RMB 36.67 million (same unit), a year-on-year decrease of 50.83%; net loss of 39.536 million yuan, a year-on-year narrowing of 18.06%; and a loss of 7.33 points per share.

According to the announcement, the decline in earnings was mainly due to (i) reduced sales demand for watches, due to intense competition within the industry; and (ii) the net impact of the increase in the average sales price of watches for the year ended December 31, 2023.