On March 27, GLONGHUI | Australia Asia Group (02425.HK) announced that for the year ended December 31, 2023, the Group recorded revenue of approximately RMB 3,924.4 million, a slight increase of 3.2% over 2022. This is mainly due to: (i) a 9.8% increase in raw milk sales and an 8.2% decrease in raw milk prices; and (ii) a 4.1% increase in beef cattle sales and a 7.6% decrease in beef cattle prices.

The Group recorded a net loss of approximately RMB 488.8 million, mainly due to the fair value of other biological assets minus changes in sales costs of RMB 667.9 million. Significant losses are mainly due to a decrease in the price of raw milk assumed when calculating the fair value of biological assets.

In the reporting year, the Group's main operating efficiency indicator, the average annual milk yield per adult cow, continued to rise and reached a new high of 13.6 tons, an increase of 2.3%.