NANPING, China,
Jan. 6, 2022
/PRNewswire/ -- Happiness Development Group Limited
("HAPP" or the "Company"), (NASDAQ: HAPP) a China-based company engaging in the business
of production of nutraceutical and dietary supplements, providing
e-commerce sales and e-commerce marketing solutions, and the sales
of automobile today announced its unaudited financial results for
the six months ended September 30,
2021.
Financial Highlights for the six months ended September 30, 2021:
- Revenues increased by $25.01
million or 114.3%, to $46.88
million for the six months ended September 30, 2021 from $21.88 million for the six months ended
September 30, 2020, mainly due to the
start-up of new goods or service provided including online sale,
automobile sale and advertising service.
- The loss from operating was $10.53
million for the six months ended September 30, 2021, a decrease of $14.22 million from the prior year period. The
decrease was primarily attributed to the performance of the
healthcare products segment due to the continuous negative impacts
on COVID-19 in different provinces in China.
- The Company reported $10.05
million of net loss attributable to the shareholders, in the
six months ended September 30, 2021,
compared to net income attributable to the shareholders of
$3.19 million in the comparative
period.
"The first half of fiscal year 2021 was really tough for us. As
COVID-19 continues to spread in different provinces in China, the performance of our experience
stores was greatly impaired. During the six months ended
September 30 2021, we closed 70%
experience stores to avoid further losses." Mr. Xuezhu Wang, CEO of the Company, continued,
"However, we still see a lot of hopes and highlights in the first
six months, and we did accomplish some good results. In the first
six months, our ecommerce sales started from September 2020 have reached over $21.48 million, 84% more than the sales of health
products. Our internet information and advertising service started
from October 2020 generated sales of
approximately $8.25 million, and our
automobile sales started from November
2020 have reached approximately $5.48
million. These newly developed businesses have now become
the main drive of our business. With the continuous closing of our
experience stores and the development of these newly launched
businesses, we believe we will gradually get out of the haze and
return to the right track of profitability."
Further information on the Company's financial results for the
six months ended September 30, 2021,
including the management's discussion and analysis of financial
condition and results of operations, can be found by visiting EDGAR
on the SEC website at www.sec.gov, as well as the Investor
Relations page of the Company's website at
www.happ.org.cn.
About Happiness Development Group Limited
Headquartered in Nanping, China, Happiness Development Group Limited
currently has three business lines: nutraceutical and dietary
supplements, e-commerce and automobile sales. The nutrition and
dietary supplements business is focusing on the research,
development, manufacture and marketing of various products made
from Chinese herbal extracts and other ingredients. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. Our
e-commerce business focuses on offering e-commerce solutions,
including advertising and information technology services to small
and medium-sized enterprises in China. We also run our online stores which
carries our products of dietary supplements and other selected
products sourced from the small and medium-sized enterprises in
China. Our mission for the
e-commerce business is to enable small and medium-sized enterprises
to fully leverage the power of e-commerce to grow rapidly. Our
automobile sales adopts the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. For more information, please
visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China, the
COVID-19 outbreak and its impact on our operations and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE Happiness Biotech Group Limited