On April 23rd, ZRP Printing Group Co., LTD (hereinafter referred to as ” ZRP “) released its annual report for 2023 and the first quarter report for 2024. In 2023, Zhongrong Corporation achieved a revenue of 2.593 billion yuan, a year-on-year increase of 4.82%, and the net profit attributable to shareholders of the listed company was 204 million yuan, a year-on-year decrease of 4.40%.
In the first quarter of 2024, ZRP ‘s revenue was 548 million yuan, a year-on-year decrease of 3.39%, and the net profit attributable to shareholders of the listed company was 41.2839 million yuan, a year-on-year decrease of 18.73%.
Public information shows that ZRP is a paper-based printing and packaging company specializing in cosmetics, oral care, personal and family care, food, health products, pharmaceuticals, online education, and other fields. Its clients include P&G, Colgate, Unilever, and L’Oréal. In the first half of 2023, the company added clients such as BTN, and NetEase Youdao. However, according to the company’s previous prospectus, it applied for an exemption from disclosing the names of its top five clients in the financial report due to commercial confidentiality concerns.
According to the financial report, ZRP sold 517 million yuan to its top client last year, accounting for 19.94% of the total annual sales; sales to the second and third top clients were 159 million yuan and 150 million yuan respectively, accounting for 6.14% and 5.80% respectively; sales to the fourth and fifth top clients were 129 million yuan and 127 million yuan respectively, accounting for 4.97% and 4.89% respectively.
In terms of main products, revenue from folding cartons reached 1.872 billion yuan, accounting for 72.20% of the total revenue, a decrease of 0.72% year-on-year; revenue from gift boxes was 290 million yuan, accounting for 11.19%, a year-on-year increase of 40.70%; revenue from other printing and packaging products was 364 million yuan, accounting for 14.04%, a year-on-year increase of 8.15%; other business income was 66.59 million yuan, a year-on-year increase of 47.19%.
Looking ahead to 2024, ZRP stated that it will leverage its advantages to expand new business opportunities in the fields of daily chemicals, food, and health products, aiming to create differentiated competitive advantages. Additionally, it will accelerate the development of its Tianjin and Zhongshan paper-plastic bases and expand its market presence. In terms of capacity layout, the company will continue to adopt a customer-centric approach to achieve a multi-regional operational layout.
