Smart Finance App News, Shinelong (01930) announced its mid-term performance in 2024, with earnings of approximately 0.118 billion yuan, a year-on-year increase of 10.3%; gross margin of 23.012 million yuan, a year-on-year decrease of 23.3%; net profit attributable to owners of the company of 7.278 million yuan, a year-on-year decrease of 47.1%; basic earnings per share of 1.1 cents.

The announcement stated that the increase in revenue was mainly due to the increase in revenue generated from the sale of automotive molds by the group. The decrease in net profit was mainly due to the decrease in revenue from a major customer of the group, whose gross margin ratio was relatively high compared to other automotive mold customers, resulting in a decrease in gross margin generated from the sale of automotive molds; an increase in the provision for impairment of finished goods inventory of automotive molds; an increase in expenses for factory relocation and equipment transportation; and an increase in comprehensive effects of increased research and development expenses, consulting expenses, and impairment of trade receivables resulting in increased general and administrative expenses.