Net income attributable to shareholders was 28% higher in the first half of 2023, hitting RMB 703,646,000 ($100.3 mm) up from RMB 550,914,000, as revenues improved 18% to RMB 4,311,523,000 ($614.6 mm) from RMB 3,653,756,000 driven by strong consumer demand. Gross margin inched up 20 basis points to 41.7%, as higher prices were almost entirely offset by a change in sales mix and increasing cost of production. Selling and distribution expenses increased 26% and administrative expenses were 17% higher, sending total SG&A up 100 b.p. as a percent of sales. Other ... Log in to view full article.