CHINA RAREEARTH: Annual Report 2024

CHINA RAREEARTH announced its 2024 performance, with revenue reaching 0.7567 billion Hong Kong dollars, a year-on-year increase of 10%; net loss was 0.1071 billion Hong Kong dollars, significantly narrowing from a loss of 0.2096 billion Hong Kong dollars in 2023. Gross loss was 53 million Hong Kong dollars, and as of December 31, 2024, the company's net Assets were 1.8954 billion Hong Kong dollars.Regarding business segments, revenue from rare earth products was 0.6454 billion Hong Kong dollars, a year-on-year increase of 37%, but sales volume decreased by 9% to 430 tons, resulting in a segment loss of 27 million Hong Kong dollars. Revenue from refractory materials business was 0.1113 billion Hong Kong dollars, a year-on-year decrease of 49%, with sales volume down by 28% to 15,760 tons, resulting in a segment...Show More

CHINA RAREEARTH announced its 2024 performance, with revenue reaching 0.7567 billion Hong Kong dollars, a year-on-year increase of 10%; net loss was 0.1071 billion Hong Kong dollars, significantly narrowing from a loss of 0.2096 billion Hong Kong dollars in 2023. Gross loss was 53 million Hong Kong dollars, and as of December 31, 2024, the company's net Assets were 1.8954 billion Hong Kong dollars.Regarding business segments, revenue from rare earth products was 0.6454 billion Hong Kong dollars, a year-on-year increase of 37%, but sales volume decreased by 9% to 430 tons, resulting in a segment loss of 27 million Hong Kong dollars. Revenue from refractory materials business was 0.1113 billion Hong Kong dollars, a year-on-year decrease of 49%, with sales volume down by 28% to 15,760 tons, resulting in a segment loss of 43.5 million Hong Kong dollars.Looking ahead, the company will implement the new Hong Kong Financial Reporting Standards and amendments effective from 2025 to 2027, and management anticipates that the impact of the adoption of the new accounting standards will be limited. Despite the challenging market environment, the company maintains a solid financial position, with total Assets of 2.0026 billion Hong Kong dollars, Shareholder equity of 1.9174 billion Hong Kong dollars, and a low level of liabilities.