Annual Report 2023

Publishing date: 15.03.2024

Throughout 2023, significant shifts in macroeconomic and geopolitical dynamics, alongside increasing competitive pressure and volatile market demand behavior, have tested our operational efficiency. At the beginning of the year, the high demand-driven market situation we observed during 2022 weakened substantially and economic recovery in China was slower than expected. Furthermore, although supply chain conditions have stabilized since the pandemic, political tensions impacting logistics resulted in higher costs and brought an additional level of complexity.

Despite the unpredictable environment and substantial challenges, SONGWON’s businesses showed resilience and performed as expected throughout the year, supported by our skilled global team and the valuable synergy across the organization.