Changmao Bio (00954) announced its mid-year performance in 2024, with revenue of approximately 0.314 billion yuan, a year-on-year growth of approximately 5.8%. Shareholders of the company should bear a loss of 18.786 million yuan, compared to a profit of 4.157 million yuan in the same period last year. Loss per share is 0.035 yuan.

According to the announcement, the main factors affecting performance decline are: 1. The prices of the group's main products in the first half of this year showed a downward trend due to the double impact of intensified product market competition and low cycles in the industry; and 2. The Phase II project of Dalian Factory started trial production in the second quarter of 2024, and its production line is still being adjusted to achieve target output and cost. It has not yet been profitable, thus having a negative impact on the overall gross margin of the group. The board of directors expects that after adjustment, the production line of Dalian Factory will reach planned output and cost, and its operating condition will gradually improve, eventually becoming a growth point for the group.