CHINA RAREEARTH: ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

CHINA RAREEARTH announced its annual results for the year ending December 31, 2024, with overall revenue increasing by 10.3% to 0.757 billion HKD, and a net loss narrowing by 48.9% to 0.107 billion HKD. During the period, the gross loss was 52.99 million HKD, significantly improved from 0.151 billion HKD in the same period last year. The basic loss per share was 0.045 HKD. The Board of Directors does not recommend the distribution of a final dividend.Sales in the Rare Earth segment reached 0.645 billion HKD, an increase of 37% year-on-year, but the segment still recorded a loss of 26.97 million HKD. During the period, the sales volume of rare earth products decreased by 9% to 430 tons, with key products like cerium oxide, terbium oxide, and lanthanum oxide accounting for...Show More

CHINA RAREEARTH announced its annual results for the year ending December 31, 2024, with overall revenue increasing by 10.3% to 0.757 billion HKD, and a net loss narrowing by 48.9% to 0.107 billion HKD. During the period, the gross loss was 52.99 million HKD, significantly improved from 0.151 billion HKD in the same period last year. The basic loss per share was 0.045 HKD. The Board of Directors does not recommend the distribution of a final dividend.Sales in the Rare Earth segment reached 0.645 billion HKD, an increase of 37% year-on-year, but the segment still recorded a loss of 26.97 million HKD. During the period, the sales volume of rare earth products decreased by 9% to 430 tons, with key products like cerium oxide, terbium oxide, and lanthanum oxide accounting for 76% of the overall sales in the Rare Earth segment. Due to market supply and demand imbalances and the downturn in the Real Estate Industry, rare earth prices overall showed a downward trend, with the segment gross loss rate around 5%.The Refractory Materials segment's sales dropped by 33% to 0.111 billion HKD, and the segment recorded a loss of 43.46 million HKD. Affected by overcapacity in the Steel Industry and regulatory policies on Real Estate, terminal demand remained weak, compounded by fierce industry competition and rising costs, resulting in a segment gross loss rate of approximately 19%. Looking ahead, the group will continue to focus on Business development, actively seeking partners, and paying attention to the Eco-friendly Concept and safety construction, promoting innovative Business development. At the end of the year, the group held cash and bank deposits of approximately 0.966 billion HKD.