Shinelong (01930.HK) announced that the group's revenue for the six months ending June 30, 2024, was approximately RMB 0.118 billion, an increase of approximately 10.3% year-on-year. The increase was mainly due to the increase in income generated by the group's sale of automotive molds. In the first half of 2024, the company's attributable net profit was approximately RMB 7.3 million, a decrease of approximately 47.1% year-on-year; basic earnings per share were 1.1 RMB cents.

The decrease was mainly due to: (i) a decrease in income from a major customer of the group, whose gross margin is relatively higher than other automotive mold customers, resulting in a decrease in gross margin from the sale of automotive molds; (ii) an increase in the provision for impairment of finished goods inventory of automotive molds; (iii) an increase in expenses for plant relocation and equipment transportation; and (iv) an overall increase in general and administrative expenses due to an increase in research and development expenses, consulting fees, and impairment of trade receivables.