Summary by Futu AI
Chunpao New Materials' financial report for the six months ended June 30, 2024, shows that the company's income increased to approximately RMB 196.9 million, an increase of about 8.6% from the previous period. This growth is mainly attributed to the continuous demand for degradable plastics products and the promotion of eco-friendly policies by the China government. The company was listed on the main board of the Hong Kong Stock Exchange on March 31, 2023, successfully raising approximately HKD 155.4 million, some of which has been used for strategic purposes. During this period, the company mainly engaged in the development and production of biodegradable plastics products in Northeast China, establishing two production bases in Dongguan City, Guangdong Province, and Anji County, Zhejiang Province. Profit for the period is approximately RMB 48.2 million, an increase of about 24.9% from the previous period.