Evergreen Products Announces FY2024 Annual Results Revenue and Gross Profit Both Recorded Growth

(Hong Kong, 21 March 2025) – Evergreen Products Group Limited (“Evergreen” or the “Group”; HKEX stock code: 1962), a leading wholesaler of synthetic and real hair wigs and extensions, announces its 2024 revenue of HK$1,016.4 million, up by 3.8%, and gross profit amounted to HK$243.5 million, representing a year on year increase of 4.4%.

For the year ended 31 December 2024 (the “Year”), Evergreen recorded revenue of HK$1,016.4 million, and gross profit was HK$243.5 million, with net profit for the year amounted to HK$39.7 million. Gross profit margin for the Year still continued to improve, increased by 0.2 percentage points to 24.0% in 2024 from 23.8% in 2023. The increase in revenue was primarily due to the steady recovery in sales of higher-margin products of human hair extension products and lace wig products, as well as stable sales of braided hair products during the year.

The Group’s basic earnings per Share attributable to equity shareholders of the Company for the Year were approximately HK6 cents. The Board has recommended the payment of a final dividend of HK2.8 cents per Share for the Year. Together with an interim dividend of HK3.0 cents per Share already declared and paid, making a total dividend of HK5.8 cents per Share.

Business Review

During the Year, wig, hair accessories and others remained as the Group’s key product segment with its revenue at HK$882.1 million, accounting for 86.8% of the Group’s total revenue, primarily due to a rise in sales of braid and special braid items which was one of the popular products as well as a slight increase in the sales of lace wig item and the revenue on the new hairstyling business and the acquisition of new subsidiaries has begun to contribute during the Year.

Meanwhile, revenue from high-end human hair extensions amounted to HK$109.7 million, recorded a increase of 36.4%, primarily due to the recovery of consumers’ purchasing power for the human hair extension products. Revenue from Halloween products was HK$24.6 million.

The USA remained the Group’s principal market with revenue contribution accounting for 91.5% of the total revenue.

Mr. Felix Chang, Chairman, Chief Executive Officer and Executive Director of Evergreen, said, “Despite the global wigs and human hair extensions market remaining fiercely competitive, the market size has continued to expand, benefiting from the diversified consumer demands on wigs products. In the current complex and ever-changing environment, we have continuously improved the product quality, enhanced the operation and strengthened its cooperation with customers in technology and research and development, gaining more understanding of their needs and adjusting the products mix, ensuring the process of mass production and operation to be effective and efficient. In the meantime, the Group has intensified its effort in cross-border e-commerce expansion to reduce the impact on the Group caused by the periodic reduction in inventory orders from traditional offline channel customers.

Moving forward, our growth strategy focuses on expanding the sale team and developing sample room to meet our customers’ needs and expectations and also accelerated its deployment on several well-known cross-border e-commerce platforms and ventured into enter the hairstyling business to open up a new sales channel to boost the sales of human hair extension products. We predict a steady increase in the market demand for wigs and human hair extensions products until the end of 2025. We will continue to focus on its core business, closely monitor the latest industry development and adjust its strategies to provide the best medium to long term benefit to our shareholders.”

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About Evergreen Products Group Limited

Founded in 1962, Evergreen is one of the leading global manufacturers of hair goods. Since its establishment, the Group has gained unique competitive advantages in the global hair goods market by capitalising on its extensive industry knowledge, reputation for quality products, and comprehensive product portfolio. Headquartered in Hong Kong, the Group has two production centres in China and six production centres in Bangladesh. The Group employs more than 21,000 people around the world and operates in Hong Kong, China, Japan, and the United States.

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