CROSBY Research – China Lesso (2128 HK/ BUY): A tough FY24

1 April 2025

Operating against the backdrop of volatile market environment; escalating geopolitical issue and subdued property sector in China, China Lesso was indeed operating in a tough environment. Its FY24 turnover was down by 12.4% YoY to Rmb27.0bn while NP declined by 28.9% YoY to Rmb1.7bn. While the top line was in line with our expectation, NP however, was 5.9% short.