Oneforce Holdings (1933.HK) 2023 annual results: revenue of RMB450 million, increased 19%; net profit RMB32.57million, increased 48%

FINANCIAL HIGHLIGHTS

On 19 June 2023, Oneforce Holdings Limited (1933. HK) announced its annual results for the fiscal year 2023. As of March 31, 2023, the group recorded revenue of RMB449,861,000, an increase of RMB73,157,000 or 19% compared to the previous year; The recorded gross profit was RMB94,879,000, an increase of RMB6,607,000 or 7.5% year-on-year; The profit attributable to shareholders was recorded at RMB32,570,000, an increase of RMB10,549,000 or 47.9% compared to the previous year.

BUSINESS REVIEW

In the past year, facing three types of pressure in the form of decrease in domestic demand, supply shocks, weakening expectations, and the impact of the rebound in the epidemic, China's economy has made progress despite such difficulties. The Group overcame difficulties, turned crises into opportunities, and achieved continuous growth in revenue and profits by identifying its development positioning, cultivating core capabilities, developing core products, and consolidating core channels. 

China is the world's largest energy producer and consumer country, and power supply guarantee and new energy consumption are the main challenges faced by China in the energy field. According to statistics from the China Electricity Enterprise Federation, in 2022, China's total electricity generation reached approximately 8,694.1 billion kwh, representing a year-on-year increase of approximately 3.6%. Among them, the power generation from non-fossil fuels reached approximately 3,147.3 billion kwh, representing an increase of approximately 8.7% year-on-year, accounting for approximately 36.2% of the total power generation and an increase of approximately 1.7 percentage points year-on-year. The whole community has attached unprecedented importance to the energy field, and the country's policy support and management measures for the development of new energy have become more mature and rational.

SMART ENERGY

On 6 January 2023, the National Energy Administration issued the Blue Book on New Power System Development (Draft for Comment), aiming to speed up the planning and construction of a new energy system. The new power system is characterized by clean and low-carbon power sources, flexible and intelligent power grids, flexible and diversified loads, and safe and economical energy storage. The source, network, load, and storage links are deeply integrated and interactive, and they operate safely and effectively under an open and shared power market system. The digital energy industry, characterized by digital and intelligent information technology, is an important technical means for the future energy revolution.

In January 2022, the National Development and Reform Commission issued the Guiding Opinions on Accelerating the Construction of a National Unified Power Market System, specifying that the national unified power market system will be initially completed by 2025 and basically completed by 2030. The core of power marketization reform is to reflect the relationship between supply and demand through price, form price signal, and return to the commodity attribute of power. According to data from China Electricity Union, in 2022, various power trading centers nationwide organized and completed a total of approximately 5.25 trillion kwh of market trading electricity, representing a year-on-year increase of approximately 39%, accounting for approximately 60.8% of the total electricity consumption in society, representing a year-on-year increase of approximately 15.4 percentage points. With the marketization of electricity prices and the increase in the proportion of renewable energy integrated into the power system, the fluctuation of electricity prices is gradually increasing, and personalized demands for energy services are constantly emerging. Digital capabilities have become the foundation for achieving market-oriented reform and meeting new scenarios and demands for electricity consumption.

Smart energy is the cornerstone business of the Group. Since its establishment, the Group has been deeply involved in the field of smart energy. Starting from the power industry, it will be expanded to water, gas, heat, oil and other energy industries, providing customized digital transformation services for large enterprises and industry users through the entire chain of consultation, design, development, implementation, and operation. We will further promote the deep integration of digital technology and the real economy, empower traditional industries to undergo digital and intelligent transformation and upgrading, and seize new opportunities for a new round of technological revolution and industrial transformation.

SMART LIFE

On 27 February 2023, the Central Committee of the Communist Party of China and the State Council issued the Overall Layout Plan for the Construction of Digital China, proposing to accelerate the construction of digital China. By 2025, an integrated promotion pattern of horizontal integration, vertical integration, and strong coordination will be basically formed. In 2035, the level of digital development will enter the forefront of the world, major achievements have been made in the construction of digital China.

Bringing smart life with digital technology is the second curve that the Group has embarked on. By accumulating relevant experience, technology, and talent reserves in the field of information technology in the energy industry, the Group entered the field of smart city in 2013. Applying digitalization to daily life, in situations where physical facilities, economic structure, and lifestyle patterns cannot be easily changed, digital solutions can accelerate urban resilience and adaptability, allowing residents to enjoy a happy life.

OUTLOOK AND PROSPECT

The Group will open a new chapter in view of the changing situations and seek opportunities in the midst of its challenges. 2023 is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China, and it is a year of opportunity for industry innovation, transformation and reconstruction. In the face of huge social responsibilities and development opportunities, the Group will continue to extend its roots downwards, make breakthroughs upwards, and move towards the goal of becoming "the world's leading smart energy and smart life service provider".

WANG Dongbin
Chairman

Beijing, PRC, 19 June 2023