Happiness Biotech Group Ltd. (Nasdaq: HAPP) announced Tuesday that it is launching a new set of products in the personal care sector.
The new products will be featured on a new brand called "Cai Zhi Ning," which mostly targets the elderly market, according to a statement today by the nutraceutical and dietary supplements producer. The new personal care products are mainly featured with lucidum. The series of “Ganoderma lucidum” includes essence oil, cleansing milk, shampoo, shower gel and nourishing cream.
"The benefits of Lucidum are highly recognized in China,” Xuezhu Wang, the chief executive officer of Happiness, said in a statement today.
He added, “Happiness Biotech has been dedicated to developing Lucidum related products and we believe that these personal care products will be a very good supplement to our current nutraceutical products. This new series of "Ganoderma lucidum" products are developed and tailored for the elderly market, which has been the targeted demographic of our products”.
In July, Happiness posted its fiscal year results ending Mar. 31; the company generated $65.06 million in revenue, up 2% year-over-year. It attributed the growth to strong sales from its lucidum spore powder products, which accounted for 43% of its revenues and soared 42% year-over-year.
Last week, Happiness declared a cash dividend of $0.015 per ordinary share, which will be paid out to shareholders on or around Aug. 17, according to the company. Since the announcement, shares of Happiness are now up 10% to date. Intraday, the stock in Happiness was trading at $2.49 per American depositary share, nearly 2% higher from Monday’s close.
Based in Nanping, Happiness operates mainly through Fujian Happiness. Its product portfolio includes 32 types of nutraceutical and dietary supplements. The company has also been active in attempting to develop a more affordable Covid-19 testing kit. Last month, it said it obtained the CE Certification for its testing kits—the samples have been shipped to countries including Uganda, Malaysia, and Canada.
“In the future,” Wang said the company will “consider” distributing its products on big Chinese e-commerce platforms including JD.com, Inc. (Nasdaq: JD) Pinduoduo Inc. (Nasdaq: PDD) and Alibaba Group Holding Ltd.’s (NYSE: BABA) Taobao.