Summary by Futu AI
China Rare Earth announced its performance for the first half of 2024, with both revenue and net losses narrowing. For the six months ended June 30, 2024, the company's revenue was approximately 0.294 billion Hong Kong dollars, a decrease of about 22% compared to the same period last year; the net loss was approximately 62.59 million Hong Kong dollars, significantly lower than about 0.136 billion Hong Kong dollars in the same period last year. The loss per share is about 2.58 Hong Kong cents. During the period, both the rare earth and refractory business sectors saw a decline in revenue, but the gross loss ratio improved. The company actively adjusted its operational strategy, improved production efficiency, and reached a strategic cooperation with China Northern Rare Earth (Group) High-tech Co., Ltd., expecting market recovery. In addition, as of June 30, 2024, the company held approximately 1.049 billion Hong Kong dollars in cash and bank deposits, with a net value of liquid assets of approximately 1.764 billion Hong Kong dollars. The board of directors decided not to distribute interim dividends.
