Summary by Futu AI
LM Technology Group Limited issued a profit warning, and the unaudited comprehensive management accounts for the six months ending June 30, 2024 show that the net profit is expected to drop by less than 90% compared to the same period last year. The company pointed out that the main reason is the fierce competition faced by cross-border digital marketing business, which has led to a reduction in revenue due to the promotion measures it launched, and the extension of the collection period due to some customers' business adjustments, thus increasing bad debt reserves. Despite the decline in net profit, the continuous growth of Chinese cross-border e-commerce merchants has promoted the steady growth of total bills, indicating a high demand for cross-border digital marketing services. The company emphasized that these data have not yet been audited or reviewed by auditors and reminded shareholders and potential investors to act prudently when buying or selling shares. LM Technology will release detailed mid-term performance in August 2024.
