Friday, March 29, 2024
 
Columnist
Martin Hennecke
 
C TAIFENG BED
HKEx Stock Code : 00873 
 
Corporate Profile
The Group is engaged in the manufacturing and distribution of quality cotton yarns and bedding products in China.

Business Review - For the year ended December 31, 2012

During the year under review, the Group's revenue was RMB2,401.1 million, representing a year-on-year increase of 11.6%. Revenue generated from cotton yarn sales was RMB985.5 million, representing a year-on-year increase of 2.6% and accounting for 41.0% of the total revenue. Revenue generated from bedding sales was RMB1,415.5 million, representing a year-on-year increase of 18.8%. Bedding products continued to be the Group's key products which accounted for 59.0% of the total revenue. Currently, we are the largest bedding product supplier in Shandong Province and the seventh largest in the national market.

As at 31 December, 2012, the Group had a total of 1,122 stores and counters across China, representing an increase of 420 shops/counters as compared with last year.

In November, 2012, we entered into a branding and strategic cooperation agreement with Choice Hotels International of the United States, which is the fifth largest hotel chain in the world. Pursuant to this agreement, we become the licensed supplier of high-end branded bedding products for the CLARION Hotels, a chain of five-star hotels owned by Choice Hotels International, and is authorized to promote ourselves as the partner of Choice Hotels International. The partnership demonstrates the strong corporate strength of Taifeng and strengthens the reputation of our brand across the globe.

Business Outlook - For the year ended December 31, 2012

We expect our business will undergo a relatively steady growth in 2013. The focuses of our business plan are to achieve our annual business targets, promote the Taifeng home textile brand as a household name in China, enhance our products' market influence and increase their added value, as well as provide great quality, high-tech, brilliantly designed, finely made and reasonably priced home textile products to our target consumers.

The Board plans to conduct a review on the Group's assets composition within this financial year with a view to reflecting the value and potential of each of the different business segments of the Group i.e. cotton yarns and beddings, and subject to a viable feasibility study and advice from consultants, may consider carrying out a possible asset and/or business reorganization. The Group will issue further announcement to inform the shareholders if there is any progress in this matter.

Source: Chi Taifeng Beddings (00873) Annual Results Announcement
Chairman Liu Qingping Issued Capital (shares) 1,000M
Par Value HKD 0.1 Market Capitalisation (HKD) 1,610M
 
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