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Title: China Lesso Announces 2023 Annual Results

Hong Kong, China, 26th Apr 2024 - China Lesso Group Holdings Limited (“China Lesso” or the “Group”, SEHK stock code: 2128), a leading large-scale industrial group that manufactures piping and building materials in China, announced its annual results for the year ended 31 December 2023 (the “Year”).In 2023, the economy and investment in China still faced myriad challenges. Particularly, the property sector remained in a trough while the capital market became volatile and complicated. Nevertheless, China Lesso forged ahead with its development and adhered to the principle of prudent business operation by further developing its mainstay business, fortifying its market position and maintaining the quality standards. It demonstrated resilience by maintaining steady business development. Its revenue remained flat at RMB30,868 million for the Year. Gross profit was RMB8,121 million and gross profit margin remained flat at 26.3%. These changes were resulted from (i) an increase in total sales volume of plastic piping systems business which benefited from the timely adjustments to its average selling prices arising from a decline in the cost of raw materials during the Year; and (ii) an increase in revenue contribution from other businesses with less gross profit margin.Profit attributable to owners of the Group was RMB2,368 million. Basic earnings per share were RMB0.77. The Board recommended the payment of a final dividend of 20 HK cents per share for the year ended 31 December 2023. Plastic piping systems business has always been the main business of the Group. In 2023, China Lesso capitalised on the ongoing demand for infrastructure construction on the back of the state policy and economic recovery by proactively develop...

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