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China Silver Group Announces Excellent 2016 Annual Results


[For Immediate Release]

 

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China Silver Group Announces Excellent 2016 Annual Results

New Jewellery Retail Business Revenue Surged 195% to RMB2,465 million

Newly-acquired Silver Exchange Business Contributed Segment Profit of RMB97 million*

Net Profit Jumped to RMB304 Million, Record High Since Listing

 

 HONG KONG, 17 March 2017 - Leading Chinese silver brand China Silver Group Limited (“China Silver Group” or the “Group”; Stock Code: 815.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2016. The Group’s revenue surged 140% year-on-year to RMB4,088 million (2015: RMB1,707 million). Profit attributable to owners of the Group significantly advanced to RMB304 million (2015: net loss attributable to owners of the Group RMB11 million), representing a record-breaking profit for the Group since listing. The profit surge is mainly attributable to the rebound in traditional manufacturing business, strong growth in New Jewellery Retail business (previously known as “O2O business”) and positive contribution from the newly-acquired silver exchange business. The Board recommended a final dividend of HK$0.03 per share (2015: Nil), total dividend for the year amounts to HK$0.05 (2015: HK$ 0.01) per share.

 

Throughout 2016, the global commodity market showed strong signs of recovery. As a result, segment profit from the traditional manufacturing business rose to RMB339 million due to both rebound in the international silver price and increase in sales volume.

 

Leveraging on the expansion in the online and offline sales channels, the Group’s New Jewellery Retail business continued to grow rapidly and achieved outstanding performance throughout 2016. The aggregate sales in the New Jewellery Retail business grew significantly by about 3 times to RMB2,465 million, representing approximately 60.3% of the Group’s total revenue (2015: 48.9%). As of 31 December 2016, the self-operated online platform, “金貓銀貓CSmall” (www.CSmall.com), surpassed 4 million registered members, with over 370 million page views (PV), 130 million unique visitors (UV) and 100 million internet protocols (IP). The platform now carries an aggregate of over 150 self-owned and third party brands offering a comprehensive range of products to customers.

 

In order to fulfil the long term goal of becoming a leading fully-integrated silver and precious metals enterprise, China Silver Group further expanded downstream by completing the acquisition of Shanghai White Platinum & Silver Exchange (“Shanghai Huatong”) in February 2016. Following a series of upgrades and optimizations of new systems, Shanghai Huatong achieved a remarkable result by contributing segment revenue of RMB166 million and segment profit of RMB97 million* in 2016. The Group is confident that this newly-acquired business will continue to grow rapidly.

 

Mr. Chen Wantian, Chairman of China Silver Group, said, “The year 2016 was a record-breaking year for China Silver Group. We are pleased with the positive developments in all our three business segments. Following the rebound in international gold and silver prices, we have seen a strong pickup in the demand for high-quality gold and silver products in the market. While we expect the global financial market to remain highly uncertain in the coming years, the flight-to-safety investment trend will continue to drive substantial interest in gold and silver products and be vastly beneficial to all our business segments. Looking ahead, we are confident about the future of the silver, precious metals and jewellery market in the PRC. Together with the rapid growth in New Jewellery Retail business and the addition of silver exchange business, we are moving full speed towards our goal in becoming a leading fully-integrated silver and precious metals enterprise in the PRC. ”

 

*Excluding a one-off loss resulting from the Shanghai Huatong acquisition of RMB17 million.

 

China Silver Group Limited

Founded in 2002, China Silver Group is a leading silver producer in China and one of the few Chinese companies capable of producing silver ingots with a purity grade of 99.999%, currently the world's highest standard. The Group is a member of the London Bullion Market Association (LBMA) and has been ranked as one of the 20 most popular silver brands in China for twelve consecutive years. In recent years, the Group has diversified into downstream retail businesses and launched an integrated online and offline Internet-based jewellery retail platform “金貓銀貓CSmall”. Furthermore, the Group has fully acquired Shanghai White Platinum and Silver Exchange to develop the silver exchange business, aiming to become the leading fully-integrated silver enterprise in China.

 

To learn more about the Group, please visit China Silver Group’s website at: www.chinasilver.hk.

 

For further enquiries, please contact:

Hill+Knowlton Strategies

Ka Wai Li

Tel: (852) 2894 6252

Email: kawai.li@hkstrategies.com

 

Agnes Suen

Tel: (852) 2894 6258

Email: agnes.suen@hkstrategies.com  

 

 


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