HK Stock Market Move | LONKING (03339) opened more than 14% higher after profit, expected annual net profit to increase by 55% to 66% year-on-year.

LONKING (03339) opened more than 14% higher after a profit announcement. As of the time of writing, it has increased by 14.74%, trading at 1.79 Hong Kong dollars with a turnover of 2.0478 million Hong Kong dollars. In terms of news, LONKING announced a profit, with the board of directors expecting a net profit of approximately 1 to 1.07 billion yuan for 2024, an increase of 55% to 66% compared to the same period last year. The increase in net profit during the reporting period is mainly due to the group's efforts to improve quality control and cost reduction, as well as growth in export income, leading to an improvement in the comprehensive gross profit margin of products compared to the same period last year; net income generated from financial assets has also increased year-on-year.