Jiasen : First Quarter Trading Statement

19 August 2014
JIASEN INTERNATIONAL HOLDINGS LIMITED

嘉森國際控股有限公司

TRADING STATEMENT FOR THE PERIOD 1 APRIL 2014 TO 30 JUNE 2014
Jiasen International Holdings Limited ("Jiasen", "the Company"), together with its subsidiaries, is pleased to report its trading for the three months to 30 June 2014 (unaudited). Jiasen is a designer, manufacturer and wholesaler of wooden home furnishing, high-end solid wooden doors and other wooden design solutions to both the domestic Chinese and overseas markets. The Company will announce its six months results to 30 June 2014 by 29 August 2014.

• Revenues for the period grew by 13 per cent to RMB224 million (Q2 2013: RMB198 million) driven by strong demand for our products. Importantly, revenues for the Company's non- door products such as wall panels, furniture and fixtures have grown substantially as a result of increased sales to property developers. This reflects the Company's strategy to diversify its product offering and meet growing demand for its products for semi-furnished apartments.

% change in revenue Q2 2014 v Q2 2013 Products	Channels Property Wholesale Export Total
Door Furniture & fixtures Wall panel Total	-31% 43% 52% -21% 70% 27% 11% 45% 381% 146% na 304% 6% 39% 15% 13%

• Gross profit margin for the period was 29.9% (Q2 2013: 33.8%). However, gross margin for the first half of 2014 is in line with the same period last year as a result of higher gross profit margin achieved in Q1 2014.
• Four new contracts were signed with property developers in the first half of 2014 worth more than
RMB20 million each.
• Strong order book worth RMB137 million as at 30 June 2014, expected to be completed by the end of
2014
• Distributors and outlets remain at 16 & 54 respectively.
Weigang Chen, Chairman of Jiasen, said:
"This has been a strong period of growth for Jiasen and our strategy to alter our product mix and offer more non-door products such as wall panels, furniture and fixtures to property developers has improved our revenue and maintained our strong margins. On 8 August 2014, the Housing and Urban-Rural Development of Fujian province announced new policies relaxing home purchase cooling measures. This should have a positive impact on Jiasen's business as the Fujian province generates a large proportion of revenue for the Company."
Further enquiries:

Jiasen International Holdings Limited	Tan Kian	[phone]
Cairn Financial Advisers LLP (Nominated Adviser)	Jo Turner Liam Murray	[phone]
Hume Capital Securities plc (Broker)	Guy Peters	[phone]
Cardew Group	Shan Shan Willenbrock David Roach Lauren Foster	[phone]

Notes to Editors
• Jiasen (PRC) was established in 2001 and is based in Quanzhou City, Fujian province, located in south-eastern China. Its products are sold and marketed under the 'Fuyou' brand and produced in its 83,000 sqm factory in Nan'an City, Fujian province by its workforce of more than 1,400 employees. According to Euromonitor International Limited, Jiasen PRC, ranked first in terms of manufacturer sales value for the year ended December 31, 2012 within the high-end solid wooden doors segment in China, with an estimated market share of 6.1%.
• The Group's main products include doors, wall panels and assorted fixtures, such as fitted wardrobes, cupboards and skirting boards, and furniture which are sold principally to property development projects, through branded 'Fuyou' retail stores and to export markets to retailers such as B&Q in the UK. The Company's products are sold in three main segments: residential and property development projects, wholesale and export.
• In FY13, the Directors estimate the Company sold in excess of 300,000 solid wooden doors, fixture items and furniture pieces and generated Group revenue of RMB782.8million (circa
£77.2million) and net profit after tax of RMB177.8million (circa £17.5 million).