Intelligent Financial APP news, HC Group (02280) announced its mid-term financial performance for 2024, generating a total sales revenue of approximately RMB 5.905 billion, a year-on-year decrease of 33.2%. The company's equity holders' loss was RMB 63.197 million, a year-on-year reduction of 92.2%. Basic loss per share was 0.0482 yuan.

According to the announcement, the decrease in revenue is mainly attributed to the decrease in sales revenue generated by the Cotton Union in the Smart Industry Business Group to approximately RMB 5.698 billion (first half of 2023: approximately RMB 7.068 billion). During this period, in response to the weakened demand from downstream textile companies and changes in government subsidy policies, the Cotton Union reduced its scale of self-operated sales to reduce the risk of price fluctuations.