Changmao Biochemical Engineering Co. Ltd. Class H (HK:0954) has released an update.
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Changmao Biochemical Engineering Co. Ltd. has issued a profit warning, projecting a consolidated net loss of RMB 18 to 20 million for the first half of 2024, a significant decline from the RMB 4.157 million net profit in the same period of 2023. The downturn is attributed to decreased gross margins due to lower product selling prices, increased market competition, and the initial unprofitability of its new Dalian production plant. The company advises shareholders and potential investors to exercise caution when dealing in its shares.
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