Lifestyle Consumption
CITIC Press is a major provider of integrated cultural content and associated services in mainland China. Holding all government-issued book publishing and distribution licences, CITIC Press is principally engaged in book publication and distribution, knowledge services, and cultural consumption.
In 2023, CITIC Press recorded operating revenue of RMB1.7 billion, down by 4.7% year-on-year. Profit attributable to ordinary shareholders was RMB116 million, down by 7.7% year-on-year.
During the reporting period, CITIC Press continued to increase its market share to 3.25% in mass-market book retail, solidifying its top position among Chinese publishing houses. It continued to lead in the categories of business management, self-help psychology, and biographies, while making a significant leap to second position in the children’s books category. The company’s groundbreaking publication, “The Future of Globalization: Fission vs. Fusion,” received one of China’s three prestigious national publishing awards, namely the “China Excellent Publication Award.” In 2023, the company exported copyrights to over 30 countries and regions, totaling 404 items, and was once again selected as a “Key Enterprise for National Cultural Exports.” For three consecutive years, the company has co-hosted the ESG Global Leaders Conference, with the participation of seven Nobel laureates, 34 top experts and scholars, 48 entrepreneur representatives, and 56 representatives from international organisations. The conference has become a leading ESG voice in China, with continuously growing international influence. Furthermore, the company was selected for the High-Quality Publishing Think Tank Program of the State Press and Publication Administration of the Central Publicity Department for 2023. CITIC Press remains at the forefront of the publishing industry in innovation in the field of artificial intelligence. It led the way by developing and implementing the AIGC Smart Publishing Platform, which significantly improved publishing efficiency and enhanced targeted marketing capabilities.
During the reporting period, CITIC Press continued to increase its market share to 3.25% in mass-market book retail, solidifying its top position among Chinese publishing houses. It continued to lead in the categories of business management, self-help psychology, and biographies, while making a significant leap to second position in the children’s books category. The company’s groundbreaking publication, “The Future of Globalization: Fission vs. Fusion,” received one of China’s three prestigious national publishing awards, namely the “China Excellent Publication Award.” In 2023, the company exported copyrights to over 30 countries and regions, totaling 404 items, and was once again selected as a “Key Enterprise for National Cultural Exports.” For three consecutive years, the company has co-hosted the ESG Global Leaders Conference, with the participation of seven Nobel laureates, 34 top experts and scholars, 48 entrepreneur representatives, and 56 representatives from international organisations. The conference has become a leading ESG voice in China, with continuously growing international influence. Furthermore, the company was selected for the High-Quality Publishing Think Tank Program of the State Press and Publication Administration of the Central Publicity Department for 2023. CITIC Press remains at the forefront of the publishing industry in innovation in the field of artificial intelligence. It led the way by developing and implementing the AIGC Smart Publishing Platform, which significantly improved publishing efficiency and enhanced targeted marketing capabilities.
Dah Chong Hong (DCH) is a leading motor and consumer products distributor in Asia with operations in 13 economies. In its motor business, DCH represents more than 20 passenger and commercial vehicle brands with over 100 4S shops and a wide range of supporting services. DCH’s consumer products business includes brand development, food manufacturing, distribution, logistics and retail in the food and fast-moving consumer goods, healthcare and electrical products industries.
In 2023, the global economy remained sluggish with consumer spending below pre-pandemic levels. DCH’s annual profit was RMB140 million, a 74% decrease compared to the previous year, mainly affected by the performance of the motor business, which faced heavy pricing competition, the continued market share expansion of new energy vehicles and enhanced regional connectivity impacting consumption patterns in Hong Kong.
As DCH’s largest segment, the motor business has operations in mainland China, Hong Kong, Macau, Taiwan, Singapore and Myanmar. In mainland China, DCH operates 4S shops for a wide range of brands including Bentley, Mercedes-Benz, Audi, Lexus, Toyota and Honda. In 2023, the implementation of tax reductions for the purchase of new energy vehicles led to an increase in electric vehicle demand in mainland China. At the same time, domestic brands increased competition with new energy vehicle model launches and the mid-year full implementation of new emission standards created pressure for inventory clearance. These factors depressed pricing and demand for traditional vehicles, particularly for Japanese brands. To mitigate these challenges, the mainland China motor business focused on reducing expenses and developing motor-related products while it continues to expand its new energy vehicle portfolio to address changing market preferences. The strong performance of its overseas automotive operations partially offset the decline.
DCH is a leading consumer products distributor in Asia representing over 1,000 domestic and international brands in the food, FMCG, healthcare and electrical products categories with operations in mainland China, Hong Kong, Macau, Japan, Singapore, Thailand, Malaysia, Indonesia, the Philippines, Vietnam and Brunei. Primarily based in Hong Kong with much of its distribution business focused on wholesale and catering, DCH Foods faced rising costs, weak consumer sentiment and systematic changes in the shopping behaviour of both cross-border tourists and locals related to enhanced connectivity. Revenue and profit of DCH Foods were impacted by market conditions and fierce competition.
In order to diversify its range of products, strengthen processing services and expand the network of customers in the food and beverage industry, DCH has made a strategic investment to acquire approximately 21% of the ordinary shares of Tsit Wing International Holdings (2119.HK) for a total of HK$133 million. The strategic partnership between DCH and Tsit Wing was established in mid-April and will contribute to the growth of DCH Foods by enhancing its systems and capabilities in terms of product offerings, services and distribution channels.
Its healthcare distribution business, DCH Auriga continued to grow its portfolio, adding over 60 international pharmacy and health-related brands, while DCH Logistics delivered an improved performance following infrastructure upgrades and cost-control measures.
Across the business, DCH continued to enhance product competitiveness by optimising supply chains, attracting new principals and expanding into growing segments such as healthier food options, pre-owned and new energy vehicles. Simultaneously, the company advanced its digital development, improving e-commerce capabilities and fostering synergy.
As DCH’s largest segment, the motor business has operations in mainland China, Hong Kong, Macau, Taiwan, Singapore and Myanmar. In mainland China, DCH operates 4S shops for a wide range of brands including Bentley, Mercedes-Benz, Audi, Lexus, Toyota and Honda. In 2023, the implementation of tax reductions for the purchase of new energy vehicles led to an increase in electric vehicle demand in mainland China. At the same time, domestic brands increased competition with new energy vehicle model launches and the mid-year full implementation of new emission standards created pressure for inventory clearance. These factors depressed pricing and demand for traditional vehicles, particularly for Japanese brands. To mitigate these challenges, the mainland China motor business focused on reducing expenses and developing motor-related products while it continues to expand its new energy vehicle portfolio to address changing market preferences. The strong performance of its overseas automotive operations partially offset the decline.
DCH is a leading consumer products distributor in Asia representing over 1,000 domestic and international brands in the food, FMCG, healthcare and electrical products categories with operations in mainland China, Hong Kong, Macau, Japan, Singapore, Thailand, Malaysia, Indonesia, the Philippines, Vietnam and Brunei. Primarily based in Hong Kong with much of its distribution business focused on wholesale and catering, DCH Foods faced rising costs, weak consumer sentiment and systematic changes in the shopping behaviour of both cross-border tourists and locals related to enhanced connectivity. Revenue and profit of DCH Foods were impacted by market conditions and fierce competition.
In order to diversify its range of products, strengthen processing services and expand the network of customers in the food and beverage industry, DCH has made a strategic investment to acquire approximately 21% of the ordinary shares of Tsit Wing International Holdings (2119.HK) for a total of HK$133 million. The strategic partnership between DCH and Tsit Wing was established in mid-April and will contribute to the growth of DCH Foods by enhancing its systems and capabilities in terms of product offerings, services and distribution channels.
Its healthcare distribution business, DCH Auriga continued to grow its portfolio, adding over 60 international pharmacy and health-related brands, while DCH Logistics delivered an improved performance following infrastructure upgrades and cost-control measures.
Across the business, DCH continued to enhance product competitiveness by optimising supply chains, attracting new principals and expanding into growing segments such as healthier food options, pre-owned and new energy vehicles. Simultaneously, the company advanced its digital development, improving e-commerce capabilities and fostering synergy.