Titans Energy Technology (02188.HK) announced that the group is expected to record a net loss attributable to shareholders of approximately CNY 28 million to CNY 33 million for the six months period ending June 30, 2024, compared to a net profit attributable to shareholders of approximately CNY 5.597 million for the six months period ending June 30, 2023.

The Board of Directors believes that the aforementioned changes are mainly due to (including) (i) adjusting the sales strategy to seize market share in response to intense market competition, resulting in a decrease in gross margin of approximately 2% during this period; (ii) an increase in sales and administrative expenses of approximately CNY 10 million during this period; (iii) a decrease in other income (including government subsidies and grants) of approximately CNY 17 million during this period; and (iv) an increase in provision for accounts receivable of approximately CNY 8 million during this period.