HC’s revenues down, but narrows loss in FY2024

Hong Kong, 30th March: HC Group, an online B2B information services provider in China, reported total revenues of US$1.50 billion for the year ended 31st December 2024. This represents a decrease of 41% year-on-year.

The company attributed the decrease of revenue to the decline in revenue generated by Union Cotton of the company’s smart industries segment. The business reduced the scale of self-operated sales to reduce the risk of price fluctuations and focused on products with comparatively higher gross margin in the result of the inadequate demand of downstream textile enterprises, and changes in government subsidy policies.

However, the company’s net loss widened from US$155 million in 2023, down to US$36 million in 2024. The decrease was mainly due to a recognition of impairment for goodwill and other intangible assets related to the technology-driven new retail business in 2023, which did not recur in 2024.

In terms of business segments, more than 97% of HC’s revenues were generated from its smart industries segment, US$1.46 billion, which represents a year-on-year decrease of 38%. The remaining revenues were generated from its technology-driven new retail segment (US$33 million), which dropped 80% year-on-year.