Smart Finance APP news, Shanghai Xintonglian (603022.SH) disclosed its interim report for 2024, with the company achieving revenue of 0.428 billion yuan, a year-on-year increase of 3.65%; net income attributable to the parent company was 20.84 million yuan, a year-on-year increase of 7.28%; non-GAAP net income was 19.85 million yuan, a year-on-year increase of 5.17%; basic earnings per share were 0.1 yuan.

In terms of market expansion, the company insists on developing new businesses to compensate for the decline of old businesses due to industry factors. Sales in industries related to real estate such as elevators, air conditioners, and sanitary ware, as well as the copier industry affected by green paperless initiatives, have shown a significant decrease. Elevator customers decreased by 29% compared to the same period last year; air conditioning customers decreased by 13% compared to the same period last year; electronics customers decreased by 10% compared to the same period last year; and the vehicle and auto parts business increased by 10% compared to the same period last year.

In response to the above situation, the company actively seeks new business growth points through market research, industry analysis, and technological exploration, successfully developing relationships with large enterprise customers in internationally renowned bearing manufacturing, photovoltaic, and energy battery industries. At the same time, in line with customer needs, the newly established factories in Qingdao, Xiamen, and Thailand have also commenced operation, bringing new profit growth points to the company and driving its sustainable development.