ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2017
[For Immediate Release]
China Silver Group Announces Remarkable 2017 Annual Results
Profit for the Year Hits a Record High of RMB325 million
CSMall Group Limited (1815.HK) Spins-off Successfully During the Year
HONG KONG, 29 March 2018 - 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 2017. The Group’s revenue increased 33.8% to RMB5,469 million (2016: RMB4,088 million). Fueled by the strong growth in new business segments as well as a tax concession granted to a major subsidiary, profit for the year hit a record high of RMB325 million.
Throughout 2017, CSMall Group Limited (“CSMall Group”), the Group’s subsidiary of New Jewellery Retail business continued to achieve outstanding performance. The aggregate sales of CSMall Group significantly increased 42.8% to RMB3,520 million during the year, representing approximately 64.4% of the total revenue. CSMall Group contributed a segment profit of RMB137 million (2016: RMB62.1 million), representing the highest level since its launch on 2014. Moreover, CSMall Group successfully completed a separate listing on the Main Board of the Stock Exchange on 13 March 2018 (Stock Code: 1815.HK).
During the year, the global commodity market remained stable. Benefited from the continual improvement of the production process, the segment revenue of the Group’s traditional manufacturing business rose 22.8% to RMB1,789 million. However, total volume of silver production decreased as the environmental measures were tightened in the second half of the year, resulting in a drop in segment profit of manufacturing business.
For silver exchange business, the Group’s subsidiary Shanghai Huatong recorded a segment profit of RMB119 million (2016: RMB80.3 million) in 2017, representing a significant increase of 48.2%.
Mr. Chen Wantian, Chairman of China Silver Group, said: “We are pleased with the strong performance in our new business segments. Following the stabilisation in international gold and silver prices, there is a gradual recovery 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 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. Meanwhile, we have been considering various potential acquisition opportunities in the market to further expand our business. Looking ahead, we are confident about the future of the silver, precious metals and jewellery market in China. We will continue to strive for becoming a leading fully-integrated silver and precious metals enterprise in China.”
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 thirteen consecutive years. In recent years, the Group has diversified into the downstream businesses to launch an integrated online and offline Internet-based jewellery retail platform operated under our subsidiary, CSMall Group Limited (Stock Code: 1815.HK). Furthermore, the Group fully acquired Shanghai White Platinum and Silver Exchange to develop the silver exchange business, aiming to become the leading vertically-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:
Ka Wai Li
Tel: (852) 2894 6252
Tel: (852) 2894 6223
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