According to the Zhitong Finance App, Intercontinental Aerospace Technology (01725) announced its 2023 results, with revenue of approximately RMB 593.5 million, a year-on-year decrease of about 6.6%. Gross profit was approximately RMB 64.7 million, an increase of about 148.8% over the previous year. The loss attributable to equity holders of the company was about 211 million yuan, an increase of 36.85% over the previous year; the loss per share was 68.19 points.

According to the announcement, the increase in losses was mainly due to increased depreciation expenses and property management expenses for the aerospace business (that is, leases made to establish the Hong Kong Satellite Manufacturing Center and the Hong Kong Satellite Operation Control and Application Center in an advanced manufacturing center); an increase in employee welfare expenses due to an increase in the number of employees in response to anticipated growth in the aerospace business; share payments relating to the issuance of convertible stock notes; and impairment losses on certain properties, plants and equipment.