Yue Yuen Industrial (Holdings) Limited · HKEX:551
Yue Yuen Industrial (Holdings) — FY2022 Earnings Presentation
59 slides from Yue Yuen Industrial (Holdings)'s earnings presentation, Mar 15, 2023
Slide 1: Yue Yuen Industrial 2022 Annual Results
Yue Yuen Industrial 2022 Annual Results 15 Mar 2023
Slide 2: Disclaimer
Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid informatio
Slide 3: Table of Contents
Table of Contents 01 Group Overview p 4-11 02 Group Operation Highlights p 12-22 03 Manufacturing Business p 23-31 04 Retail Business – Pou Sheng p 32-48 05 Appendix p 49-58 Yue Yuen 2022 Annual Results | 3
Slide 4: 01 Group Overview
Yue Yuen Industrial 01 Group Overview
Slide 5: Company Profile
Company Profile Founded in 1988, and listed on the HKEX in 1992 (551.HK) A yield play with solid performance – committed to driving return and value for shareholders FY22 Business Structure Soles, Components & Others 5.5% (FY21: 5.4%) Pou Sheng^ Athletic / Outdoor Shoes 30.9% (FY21: 42.4%) 54.5% (FY
Slide 6: 2022 Financial Performance Overview
2022 Financial Performance Overview Profit Attrib. to Earnings Dividend* Operating Revenue Owners Per Share Per Share Cash Flow $8,970mn $296mn $18.41cents HK$1.10 $908mn 2022 +$437mn +$181mn +157.5% +$11.26cents +$445mn +96.1% (US$) (Y-o-Y Change) (% of Revenue) (Y-o-Y Change) (Payout Ratio) (% of
Slide 7: Digital Transformation Supports Growth Strategy
Digital Transformation Supports Growth Strategy SAP 5 Values SCM OCP PLM 4 Directions Speed 3 Segments BI Design 2 E2E Platform Flexibility Footwear 1 Equipment OEM / ODM World’s Leading Sporting Goods DRS Innovation Apparel MFG Platform Material Retail Quality ERP Accessories Process Sustainability
Slide 8: Corporate Social Responsibility
Corporate Social Responsibility Sustainable Manufacturing The Only FLA Accredited Footwear Following customers’ commitments to SBTi^ OEM/ODM Globally to achieve the goal of reducing our emissions Investing in human capital, lifting workplace by 46.2% by 2030, as compared with the base standards & fa
Slide 9: Sustainable Manufacturing
Sustainable Manufacturing Climate Target* GHG Green Power Water Recycle ZDHC -46.2% -22.1% 9.1% 33.1% 100% 2030 vs 2019 2021 vs 2019 Electricity GHG Scope 1+2 Geo Basis Consumption Employees Female CBA^ Turnover Remuneration 287,631 77.4% 92.6% 2%-7% FLA Fair Compensation Suppliers Renewable Domesti
Slide 10: Recognition and Achievement
Recognition and Achievement CORPORATE ESG Yue Yuen landed 7 awards including ‘Most Honored Company (3rd Place Overall)’ in the 2022 Asia (ex-Japan) Executive Team - Consumer/Discretionary Yue Yuen’s Yue Yuen’s MSCI ESG Rating CDP Climate Change Score was upgraded and has been was upgraded to our mai
Slide 11: Manpower Structure
Manpower Structure FY22: 310,000 MFG Employees by Region (%) No. of Employees 2.3% FY21: 317,200 CN 9 VN 8% 9% 91% 92% 43 IN 6 Others 42 Retail MFG 25,800 12.8% 1.2% 284,200 FY21 FY22 Yue Yuen 2022 Annual Results | 11
Slide 12: 02 Group Operation Highlights
Yue Yuen Industrial 02 Group Operation Highlights
Slide 13: YY Strategies & Operating Highlights
YY Strategies & Operating Highlights Challenges 1. Focus on Value Growth • Prioritizing quality growth and higher value-added orders • A mixed year following a strong rebound in demand in ASP 12.0% YoY to US$20.93 per pair, reaching a historical high 1H22 while headwinds intensified in 2H22 • A hig
Slide 14: Key Financial Highlights for FY 2022
Key Financial Highlights for FY 2022 Group Revenue Operating Profit Profit Attrib. to Owners US$ 8,970.2 mn US$ 416.8 mn US$ 296.3 mn +5.1% +158.0% +157.5% MFG Revenue Shoe Volume / ASP Profit Attrib. to Owners US$ 6,203.1 mn 272.7 mn pairs / US$ 20.93 per pair US$ 288.1 mn +26.2% +14.4% / +12.0% +2
Slide 15: Y-o-Y Revenue by Category
Y-o-Y Revenue by Category FY22: US$ 8,970.2 mn 5.1% Total Revenue FY21: US$ 8,533.3 mn Athletic / Casual Shoes Outdoor Shoes & Sport Sandals 86% 4,890.5 30.0% 14% US$ 5,706.6 mn Athletic / Outdoor Shoes 3,762.2 YoY: 28.2% 816.1 Casual Shoes 688.3 18.6% & Sport Sandals Pan-WeChat B&M Retail & Others
Slide 16: FY22 Manufacturing Revenue by Destination
FY22 Manufacturing Revenue by Destination Europe FY22: US$ 6,203.1 mn 26.2% MFG Revenue FY21: US$ 4,914.0 mn 26.8% FY21: 24.6% YoY: +37.7%# US 32.9% Mainland China FY21: 34.4% 14.6% YoY: +20.8%# FY21: 17.5% YoY: +5.4%# Others* 25.7% FY21: 23.5% YoY: +37.7%# # YoY changes in revenue amount Yue Yuen 2
Slide 17: Shoe Volume by Region
Shoe Volume by Region FY22: 272.7 mn pairs 14.4%# Shoe Volume FY21: 238.3 mn pairs 1% 4% 4% 5% 6% 100% 38.3%# 80% 31% 39% 39% 48% 46% 8.0%# 60% 34% Others* 40% Indonesia 44% 46% 35% 38% 23.8%# Vietnam 20% 34% Mainland 13% 11% 12% 10% 2.6%# China 0% 2013 2019 2020 2021 2022 # YoY changes in volume (p
Slide 18: YY Group Financial Highlights
YY Group Financial Highlights (US$’000) FY 2022 FY 2021 YoY Revenue 8,970,228 8,533,337 +5.12% Gross Profit 2,137,214 2,048,235 +4.34% Gross Profit Margin 23.83% 24.00% -0.17pp Operating Profit 416,827 161,561 +158.00% Operating Profit Margin 4.65% 1.89% +2.76pp Profit Attrib. to Owners 296,347 115,
Slide 19: YY Group Financial Ratios
YY Group Financial Ratios (US$’mn) FY 2022 FY 2021 YoY Depreciation & Amortization^ 494.5 582.9 -15.2% EBITDA 894.4 727.4 +23.0% Capital Expenditure 204.3 286.0 -28.6% Product Development 189.7 185.4 +2.3% Total Borrowings* 1,434.9 1,717.1 -16.4% Net Borrowings* 416.7 879.1 -52.6% As of Total Borrow
Slide 20: Enhanced Capital Structure & Finance Cost
Enhanced Capital Structure & Finance Cost FY22: US$ 1,434.9 mn Borrowings FY21: US$ 1,717.1 mn 16.4% Finance Cost In US$’mn FY22 vs. FY21* Bank Borrowings Composition 67.71 28.5% 15% 52.70 16.07 18% 5% 14% 8.69 17.6% 20.92 10.54 42.95 102.2% 21.24 68% 80% FY21 FY22 Pou Sheng – Interest exp. on Lease
Slide 21: YY Group Sources and Uses of Fund
YY Group Sources and Uses of Fund (US$’mn) Net CFO: +907.9 Net CFI: -92.3 +980.7 -72.8 Net CFF: -627.3 -204.3 +112.0 -180.1 Tax -261.0 CAPEX Proceeds from Lease -50.9 -135.3 Disposal, Liabilities Div., Repayment Net -8.0 Interest and Interest Bor. paid on Div. & & Others interest Others Repaid bank
Slide 22: YY Group ROE & ROA Trend
YY Group ROE & ROA Trend (%) 10.0 8.0 7.4 7.3 7.1 5.3 5.3 2.8 2.9 4.1 4.4 4.0 3.2 3.7 0.3 -0.8 1.6 1.3 -0.1 -2.3 1H18 FY18 1H19 FY19 1H20 FY20 1H21 FY21 1H22 FY22 ROA ROE Remark: ROE = Profit (Loss) attributable to owners of the company / (Total Equity - Minority Interests); half year data is on LTM
Slide 23: 03 Manufacturing Business
Manufacturing 03 Manufacturing Business Note: The figures in the following slides cover the core manufacturing operations of the consolidated entity of Yue Yuen Group, and are for analytical purposes only (prepared using the management accounts).
Slide 24: Manufacturing Financial Highlights
Manufacturing Financial Highlights (US$’000) FY 2022 FY 2021 YoY Revenue 6,203,137 4,914,043 +26.23% Gross Profit 1,144,275 761,843 +50.20% Gross Profit Margin 18.45% 15.50% +2.95pp Operating Profit 351,983 13,305 +2,545.49% Operating Profit Margin 5.67% 0.27% +5.40pp Profit Attrib. to Owners 288,07
Slide 25: Manufacturing – GP Margin Trend
Manufacturing – GP Margin Trend (%) Gross Profit Margin (MFG only) Gross Profit Margin (incl. MFG & TCHC*) 21.4 21.3 20.1 19.9 19.6 19.7 19.2 18.7 18.5 19.2 18.2 18.2 18.3 17.1 17.8 20.2 20.3 16.0 18.7 18.9 18.2 17.9 12.7 15.7 11.7 6.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2
Slide 26: Manufacturing – OP Margin Trend
Manufacturing – OP Margin Trend (%) Operating Profit Margin (MFG only) 5.7 6.7 5.8 6.6 5.2 5.3 4.9 4.6 1.1 4.8 4.8 4.5 4.4 4.4 3.6 3.6 -4.8 -1.0 -9.7 -14.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 5.5% 4.1% -2.3% 0.3% 5.7% Yue Yuen 2022 Annu
Slide 27: Manufacturing – Utilization & COGS Analysis
Manufacturing – Utilization & COGS Analysis 88% 87% 84% Revenue Utilization 73% Rate 72% +26% GPM 19.5% 18.5% 14.7% 15.5% + 2.9 pp 18.4% 50.2% 36.9% 36.6% 37.1% Material % 36.8% 38.2% 29.8% Labor & 43.7% 44.6% 48.7%^ 47.4%^ 43.4% 15.6% Overhead % (% of Revenue) Amount (YoY) FY18 FY19 FY20 FY21 FY22
Slide 28: Enhanced SG&A Expense and Other Expenses
Enhanced SG&A Expense and Other Expenses SG&A and Net Other Expenses Ratio % of Revenue Higher Operating Leverage & Cost Control • FY22 SG&A % ↓ by 2.1pp YoY 15.2% 14.4% 13.1% 12.8% Efficiency Improvement 11.8% 12.0% • VN resumed normal operation • UT% FY22: 87% ↑ 14pp YoY 12.2% Mainland China: 111%
Slide 29: Manufacturing – Net Profit Margin
Manufacturing – Net Profit Margin (%) Operating Leverage Solid growth in high-end product mix +0.30 +0.26 -2.87 Improving UT%* and efficiency +2.15 Share of Other results of +2.37 Income & A&JV Expenses SG&A Higher Others Cost control operating Normalized leverage +1.63 & higher on R&D income tax -1
Slide 30: Manufacturing Operation Efficiency – FY22
Manufacturing Operation Efficiency – FY22 Inventory Level Trade Receivable Days In US$’mn 48 1,000 FY21: 58 868 748 13.8% Inventory Days Working 0 Capital Days Inventory Level 54 FY21: 76 80 Cash Position FY21: 100 In US$’mn Trade Payable Days 22 644 846 31.4% FY21: 34 Cash Position FY21 FY22 Yue Yu
Slide 31: Manufacturing – Financial Ratios
Manufacturing – Financial Ratios (US$’mn) FY 2022 FY 2021 YoY Depreciation & Amortization 261.0 292.2 -10.7% EBITDA 599.3 292.8 +104.7% Capital Expenditure 158.0 215.9 -26.8% Total Borrowings* 1,369.1 1,468.6 -6.8% As of Net Borrowings* 522.7 824.5 -36.6% 31 Dec Total Borrowings to Equity# 36.6% 40.
Slide 32: 04 Retail Business – Pou Sheng
Pou Sheng 04 Retail Business – Pou Sheng Note: The figures in the following slides are based on Pou Sheng’s management accounts and announcements, and Pou Sheng adopts RMB as its reporting currency
Slide 33: Pou Sheng
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Slide 34: Pou Sheng Strategy & Operating Highlights
Pou Sheng Strategy & Operating Highlights Challenges 1. Strategic Alliance with Business Partners INVENTORY integration Omni-Hub programme to share inventory • Escalating COVID-19 control measures throughout with brand partners, together with PSP & other initiatives to enhance most of the year inven
Slide 35: Pou Sheng Financial Highlights (in RMB)
Pou Sheng Financial Highlights (in RMB) FY 2022 FY 2021 YoY RMB’mn % RMB’mn % % ppt Revenue 18,638 100.0 23,350 100.0 -20.2 -- Cost of Sales (11,950) -64.1 (15,051) -64.5 -20.6 +0.4 Gross Profit 6,688 35.9 8,299 35.5 -19.4 +0.4 SG&A (6,616) -35.5 (7,829) -33.5 -15.5 -2.0 Other Income & Expenses, net
Slide 36: Pou Sheng GP Margin Trend
Pou Sheng GP Margin Trend (%) Gross Profit Margin 38.4 37.3 35.2 35.5 34.6 34.3 33.8 33.9 35.3 35.4 35.4 34.4 33.9 31.6 33.3 33.5 30.4 32.2 30.7 29.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 33.5% 34.1% 30.6% 35.5% 35.9% Yue Yuen 2022 Annual
Slide 37: Pou Sheng OP Margin Trend
Pou Sheng OP Margin Trend (%) Operating Profit Margin 7.1 7.2 6.2 4.9 5.4 5.2 4.5 3.6 3.5 3.0 4.6 4.9 3.0 3.5 3.1 1.3 1.7 0.3 -0.9 -1.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 4.3% 5.4% 2.6% 4.0% 2.2% Yue Yuen 2022 Annual Results | 37
Slide 38: Pou Sheng SG&A Expenses Breakdown
Pou Sheng SG&A Expenses Breakdown SG&A Ratio % of Revenue Amount (YoY) Lack of rent concession and social 35.5% 15.5% security relief as compared with FY20 33.5% 29.3% 11.4% 14.7% 10.6% 9.5% Deleveraging due to sales ↓ 11.1% 19.7% 11.1% 10.0% 11.8% 13.0% 12.2% 9.8% Offset by efforts of cost control
Slide 39: Operation Efficiency – FY22
Operation Efficiency – FY22 Based on RMB Inventory Level Trade Receivable Days In RMB’mn 20 FY21: 22 7,578 Working 6,072 19.9% Inventory Days Capital Days 208* 190 FY21: 163 Working Capital FY21: 147 In RMB’mn Trade Payable Days 38 6,599 6,601 Flat FY21: 38 * Inventory days increased by 45 days agai
Slide 40: Pou Sheng Financial Ratios (in RMB)
Pou Sheng Financial Ratios (in RMB) (RMB’mn) FY 2022 FY 2021 YoY Depreciation of PPE & Amortization 490.1 640.6 -23.5% Depreciation of ROUA 1,082.6 1,234.6 -12.3% EBITDA 2,002.3 2,652.2 -24.5% EBITDA minus Depreciation of ROUA 919.7 1,417.6 -35.1% Capital Expenditure 311.6 452.4 -31.1% Total Borrowi
Slide 41: Pou Sheng Sources and Uses of Fund
Pou Sheng Sources and Uses of Fund (RMB’mn) Net CFO: +2,666.4 Net CFI: -219.8 +2,834.9 -168.5 Net CFF: -2,488.1 -311.6 +91.8 -1,194.9 Tax CAPEX Proceeds from Rental Deposits, -1,124.1 Interest, Disposal & Lease Net Liabilities repayment Repayment -64.6 -104.5 from NCI and -2.2 Cash interest Net Inte
Slide 42: Pou Sheng Retail Strategy
Pou Sheng Retail Strategy Pou Sheng is one of the largest retailers and sports services providers for world renowned sportswear brands in the Greater China region Omni-channel Brick & Mortar Retail Omni-channel consisted of B2B and B2C, Directly Operated Stores: and reached 24% of total sales B2C co
Slide 43: Solid B&M Network (Number of Stores)
Solid B&M Network (Number of Stores) Total Stores YoY: -13.4% Directly Operated Large Store Mix 8,417 7,293 YoY: -11.6% 3,786 4,631 3,200 4,093 16% 752 -1,124 761 19% 4,631 3,879 -538 4,093 3,332 As at As at As at As at 31 Dec 31 Dec 31 Dec 31 Dec 2021 2022 2021 2022 Directly Operated Stores Sub-Dis
Slide 44: Pou Sheng Same Store Sales Growth (SSSg)
Pou Sheng Same Store Sales Growth (SSSg) (%) Same Store Sales Growth 32.3% 10.1% 8.9% 6.0% -1.0% 8.7% 8.4% 2.2% 4.2% 1.9% -13.0% -10.3% -17.8% -21.1% -11.4% -25.3% -24.7% -27.1% -32.5% -28.9% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 7.4% 5.0
Slide 45: Our Customized Pan-WeChat Ecosphere
Our Customized Pan-WeChat Ecosphere Stable and solid foundation with much better conversion, return rate and full-price in-season sales FY22: Better ASP than 3rd party platform 15.8% e.g. T-Mall, JD, Vipshop, etc. FY21: 7.1% Digitally-enabled experience stores and 18.3 19.9 membership integration to
Slide 46: Our Customized Pan-WeChat Ecosphere (Cont.)
Our Customized Pan-WeChat Ecosphere (Cont.) Comprehensive relations with members by designated Key Opinion Staff (KOS) and interesting contents as first step to elevate our services to consumers 24-hr digital Sports services-related & WeChat interface by membership program stores designated KOS ~48.
Slide 47: Critical Missions in 3 Years
Critical Missions in 3 Years “Creating Value-added Services & Quality Experiences to Customers” Strategic Alliance • Best of Choice Omni-Channel • Offline & Online Integration Strive to be the best choice to business partners & Provide quality services to members via private domain further deepen st
Slide 48: Growth by Digital, Membership & Store Efficiency
Growth by Digital, Membership & Store Efficiency Yue Yuen 2022 Annual Results | 48
Slide 49: 05 Appendix
Yue Yuen Industrial 05 Appendix
Slide 50: Shareholding Structure
Shareholding Structure Pou Chen (9904.TT) 51.11% Yue Yuen Industrial (Holdings) Ltd. (551.HK) 100.00% 62.55% Pou Sheng Manufacturing (3813.HK) * As at 31 Dec 2022 Yue Yuen 2022 Annual Results | 50
Slide 51: Company Milestones
Company Milestones Pan-WeChat sales to offline direct retail revenue reached 16% 2022 CDP Climate Change Score was upgraded to our highest-ever level of ‘B’ (Management level) Omni-channel contributed over 20% of total sales 2021 SBTi 2030 goal: reducing GHG emissions by 46.2% vs. 2019 Third wave im
Slide 52: Revenue & Profit Attributable to Owners
Revenue & Profit Attributable to Owners Revenue Profit Attrib. to Owners In US$’mn In US$’mn 8,970 5% 296 157% 8,533 8 76% 2,767 24% 3,619 115 288 256% 6,203 26% 34 4,914 81 FY21 FY22 FY21 FY22 Pou Sheng Pou Sheng MFG MFG The above figures of Pou Sheng exclude profit attributable to “Non-YY” shareho
Slide 53: YY Group Financial Highlights
YY Group Financial Highlights FY 2022 FY 2021 YoY US$'000 % US$'000 % % Revenue 8,970,228 100.00 8,533,337 100.00 +5.12 Cost of Sales (6,833,014) -76.17 (6,485,102) -76.00 +5.36 Gross Profit 2,137,214 23.83 2,048,235 24.00 +4.34 SG&A (1,597,584) -17.81 (1,801,374) -21.11 -11.31 Other Income & Expens
Slide 54: Manufacturing Financial Highlights
Manufacturing Financial Highlights FY 2022 FY 2021 YoY US$'000 % US$'000 % % Revenue 6,203,137 100.00 4,914,043 100.00 +26.23 Cost of Sales (5,058,862) -81.55 (4,152,200) -84.50 +21.84 Gross Profit 1,144,275 18.45 761,843 15.50 +50.20 SG&A (623,227) -10.05 (599,298) -12.20 +3.99 Other Income & Expen
Slide 55: Pou Sheng Financial Highlights (in USD)
Pou Sheng Financial Highlights (in USD) FY 2022 FY 2021 YoY US$’000 % US$’000 % % Revenue 2,767,091 100.00 3,619,294 100.00 -23.55 Cost of Sales (1,774,152) -64.12 (2,332,902) -64.46 -23.95 Gross Profit 992,939 35.88 1,286,392 35.54 -22.81 SG&A (974,357) -35.21 (1,202,076) -33.21 -18.94 Other Income
Slide 56: Manufacturing – Revenue Trend
Manufacturing – Revenue Trend Revenue (US$’mn) YoY (%) 6,203 5,881 6,001 4,914 4,736 84.7 22.8 16.6 5.0 8.3 12.2 12.1 -4.5 -2.6 -0.4 2.7 1.3 -0.4 -0.8 -6.7 -9.6 -24.6 -18.9 -17.1 -30.4 1,600 1,400 1,200 1,000 800 600 400 200 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 20
Slide 57: Manufacturing – Shoe Volume Trend
Manufacturing – Shoe Volume Trend Shoe Volume (mn pairs) YoY (%) 326 322 273 244 238 60.5 16.6 2.5 4.3 6.7 3.9 7.4 0.0 -1.0 -1.4 1.7 -5.1 -7.6 -4.5 -12.5 -12.9 -9.7 100 -20.7 -28.3 90 -36.0 80 70 60 50 40 30 20 10 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 2019 FY 2020
Slide 58: Pou Sheng Revenue Trend
Pou Sheng Revenue Trend Revenue (RMB’mn) YoY (%) 27,190 25,611 23,350 22,677 47.7 24.4 22.0 21.9 17.7 17.7 19.9 18.9 19.1 18,638 0.3 -0.4 1.1 -8.4 -15.1 -25.0 -25.1 -26.7 -25.0 -24.0 -20.4 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q F
Slide 59: Thank you Q&A
Yue Yuen Industrial Thank you Q&A
Yue Yuen Industrial (Holdings) — FY2022 Earnings Presentation on 6ix