Guangdong Bawei Biotechnology Corporation released its Q1 results. The company’s operating revenue in Q1 reached 97.14 million yuan ($13.6 million), saw growth of 44.89%. Net profit reached 7.1668 million yuan ($1 million), with a turnaround compared to 2022 Q1.
Recently, Guangdong Bawei Biotechnology Corporation. (Hereinafter referred to as Bawei) released its 2023 Q1 earnings report.
As of March 31, 2023, the company achieved operating revenue of 97.14 million yuan ($13.6 million), a year-on-year increase of 44.89%, and a net profit of 7.1668 million yuan ($1 million), with a turnaround compared to a net loss of 8.3973 million yuan ($1.18 million) in the same period last year. Of this, the main business recorded 97.02 million ($13.59 million) in operating revenue.
In 2022, Bawei achieved operating revenue of 459.38 million yuan ($64.33 million), a year-on-year increase of 10.54%. Net profit attributable to the listed company shareholders was 38,039,532.84 yuan ($5.33 million), a year-on-year increase of 79%.
Public information shows that Bawei was established in 2006, with the current general manager being Leng Qunying. It is a company with full-category cosmetics production capabilities and independent cosmetics testing qualifications.
Its subsidiary, Youz Testing, is capable to carry out testing on 5 major categories, including cosmetics, chemical raw materials, flavors and fragrances, cleaning and sterilization products, packaging materials, and products. The testing items include more than 1,400 physical and chemical tests, monitoring of banned and restricted substances, microbiological control, human efficacy evaluation, and in vitro alternative experiments.
The testing capabilities have passed CMA, CNAS, cosmetic registration and filing inspection agency qualifications, and special cosmetic human efficacy testing qualifications (including whitening, sunscreen, and hair loss prevention). It is one of the few domestic institutions with three special-purpose cosmetic human efficacy evaluation qualifications.
The company has served more than 1,000 cosmetic brand merchants, and during the reporting period, the company has established stable business cooperation with well-known domestic and foreign cosmetic brand merchants such as Unilever, Dove, Lux, HBN, Marubi, Lafang, MISSHA, and others.