On April 25th, Shanghai Sunglow Packaging Technology Co., Ltd. (hereinafter referred to as “Sunglow Packaging Technology”) released its annual report for 2023 and the first quarter of 2024.
According to the financial report, in 2023, the company achieved operating revenue of 694 million yuan, a year-on-year increase of 4.68%. The net profit attributable to the parent company was 7.6856 million yuan, a year-on-year decrease of 43.75%. The non-recurring net profit was 1.8793 million yuan, a year-on-year decrease of 66.31%.
Sunglow Packaging Technology stated that the growth in operating revenue was mainly due to a significant increase in the packaging container business income of its subsidiary, Jiushu Technology, and continuous growth in the Jinting cosmetics business. Regarding the significant decrease in net profit, Sunglow Packaging Technology pointed out that according to relevant regulations of the Ministry of Finance, the company was able to fully deduct the purchase of fixed assets in the fourth quarter of 2022, resulting in a significant reduction in the company’s income tax expenses. However, this preferential policy was no longer available in 2023, leading to a substantial increase in income tax expenses. In addition, the company’s subsidy income from value-added tax refunds for welfare personnel in 2023 also decreased.
The financial report also indicated that during the reporting period, the company continued to promote and deepen business cooperation with high-quality customers in the packaging container and cosmetics businesses, expanding its business scale. In 2023, the revenue from the packaging container business and the cosmetics business reached 309 million yuan and 119 million yuan, respectively, with growth rates of 37% and 15%.
According to the disclosed financial report, in the first quarter of 2024, the company achieved operating revenue of 171 million yuan, a year-on-year increase of 10.95%. The net profit attributable to the parent company was 4.9181 million yuan, a year-on-year increase of 19.02%. The non-recurring net profit was 3.2315 million yuan, a year-on-year increase of 20.37%. Sunglow Packaging Technology stated that the growth in first-quarter revenue was due to increased income from the cosmetics and packaging container businesses, while the growth in net profit was attributed to increased income from the packaging container business.
Looking ahead, Sunglow Packaging Technology stated that it will always focus on established strategic development goals, concentrate on core business, focus on advantageous areas, adhere to technological innovation, continuously strengthen product production and quality management, constantly enhance the company’s competitive advantages, and ensure the achievement of various development goals, continuously moving towards the strategic goal of “building a one-stop supply chain for daily chemical products.”
Public information shows that Sunglow Packaging Technology was established in 2006 and mainly provides comprehensive packaging and printing services for enterprises in the fields of daily chemical products, food, and tobacco. Its customers include domestic and foreign enterprises such as Estée Lauder, Unilever, Shanghai Jahwa, Pechoin, and INOHERB.
