Gelonghui August 23 丨Shun Cheng (00531.HK) announced,Interim results for the six months ended June 30, 2023. Net sales for the period were US$216 million, a year-on-year decrease of 22.7%.The owner of the parent company had a loss of US$1.123 million during the period.Last year, net profit was about 8.473 millionUSD, profit to loss;A loss of 0.037 US cents per share attributable to holders of the parent company's common share capital.

The decline in net sales was mainly due to a decline in demand for large-scale furniture in the US due to the continued decline in the housing market in 2023. The decline in profit was mainly due to a decline in sales.

Looking ahead to the second half of 2023, the market is still facing the challenge of monetary policy tightening, and the risk of economic recession may continue to affect consumer confidence. At the same time, the company has also seen a stabilization of the global supply chain and see hope for the recovery of the US real estate industry. Through effective cost control measures, further digesting existing inventory and improving the Group's overall operating efficiency, Shuncheng continuously strives to respond appropriately, focusing on restoring profitability and improving profit margins.

The company is committed to launching new products and developing more customers through diversified channels. This will be reflected in the company's continuous improvement of product quality and customer-centric policy. Despite the uncertainty, Shuncheng remains optimistic about growth prospects thanks to the company's firm commitment to a long-term strategy.