Summary by Futu AI
Zhixin Group Holdings Limited ("Zhixin Group") has issued a profit warning, stating that the net profit for the six months ending on June 30, 2024 will significantly decrease. A preliminary review of unaudited comprehensive management accounts indicates that the net profit is expected to be between RMB 1.0 million and RMB 3.0 million, a significant decrease compared to RMB 10.6 million in the same period of 2023. This decline is mainly due to the losses in the ready-mixed concrete and prefabricated concrete component business, but partially offset by the net profit from the recycled iron ore tailings and eco-friendly brick manufacturing business. The company emphasizes that the data in the announcement is only a preliminary assessment and has not been audited or reviewed by the auditor or the review committee as the midterm performance review has yet to be completed. The final performance is expected to be announced before the end of August 2024. Shareholders and potential investors should exercise caution and carefully review the midterm performance announcement when it is released.