According to the Zhitong Finance App, Beijing Cree (002350.SZ) released its 2023 annual report. During the reporting period, the company achieved revenue of 1,953 billion yuan, a year-on-year decrease of 10.28%. Net loss attributable to shareholders of listed companies was 167 million yuan. Net loss attributable to shareholders of listed companies after deducting non-recurring profit and loss was $191 million. The basic loss per share was $0.308.

The main reasons for the change in performance: 1. Competition in the State Grid business intensified, and contract output fell short of expectations; although the company's bid amount was basically the same as the previous year, the contract conversion process was delayed after winning the bid; the company built a new energy product production line late, and the execution progress of the new energy product contract was delayed; the company strengthened risk control of the contract and abandoned the signing of some high-risk contracts. Overall, the company's operating income declined compared to the previous year, and the corresponding profit before tax decreased. 2. During the reporting period, subsidiaries Beijing Wenli and Cree Borun were affected by factors such as macroeconomics, increased industry competition, and changes in the market environment. At the same time, judging from their future market and orders, assets such as goodwill, intangible assets, and inventory depreciated by 143.3971 million yuan. 3. During the reporting period, the company sorted out the main product line and target market positioning. After verifying that some inventory showed signs of depreciation, the current period prepared a price drop of 21.5592 million yuan (in addition to subsidiaries Beijing Wenli and Cree Borun).