Lithium Stocks Tumbled after Quarterly Results, with One Chinese State-Run Company Plunging

Published: Apr 26, 2023 14:07

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On April 25, many companies in the lithium battery sector reported a loss in the first quarter or profit fell by more than 90% year-on-year. As a result, stocks of many companies fell. Hunan Changyuan Lico Co. tumbled 13% after opening.

SHANGHAI, Apr 26 (SMM) – On April 25, many companies in the lithium battery sector reported a loss in the first quarter or profit fell by more than 90% year-on-year. As a result, stocks of many companies fell. Hunan Changyuan Lico Co. tumbled 13% after opening.

Changyuan Lico Co.'s net profit in the first quarter slumped by 99.69% year-on-year. Jiangte Motor's first quarter net profit fell by 92.39% year-on-year.

Tianli Lithium's net profit fell by 99.15% year-on-year. Jiangsu Azure reported a loss of 12.55 million yuan in the first quarter. Shenghua New Material Technology Co.’s net profit in the first quarter is expected to drop by 98%. Hunan Yuneng’s net profit in the first quarter fell by 72%.

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