Summary by Futu AI
Jingmen Semiconductor Limited issued a profit warning on January 26, 2024, warning that unaudited shareholders accounted for the year ended December 31, 2023 to significantly reduce consolidated profit. Based on preliminary review management accounts and information currently available to the Board, the Company expects profit for the year to be between $18.5 million and $19.5 million, down approximately 33.5% to 29.9% from $27.8 million in the previous year. The decrease was mainly attributed to a decrease in sales revenue, in particular a decrease in the average selling price of products and a decrease in gross profit margin. Despite the decline in profits, the company stressed that total IC shipments in 2023 showed steady growth and will continue to implement cost control measures to improve operational efficiency. The company will announce more detailed annual results by the end of March 2024.