Summary by Futu AI
China Rare Earth Holdings Limited announced its interim performance for the six months ended June 30, 2024. During the period, the group's revenue was approximately HKD 0.294 billion, a decrease of about 22% compared to the same period last year. The gross loss was approximately HKD 43.175 million, but the net loss narrowed to approximately HKD 62.59 million, with a loss per share of approximately 2.58 HK cents. The revenue of the rare earth division accounted for about 81% of the total revenue, and the refractory division accounted for about 19%. The China market was the main sales area, accounting for the vast majority of the total revenue. During the period, the company did not declare an interim dividend and there were no significant subsequent events. As of June 30, 2024, the company held cash and bank deposits of approximately HKD 1.049 billion, with no borrowings from banks or financial institutions, and maintained a certain level of financing capacity. The company will continue to implement prudent financial arrangements and seek business development and technological upgrades to enhance market competitiveness.
