Xinhe New Materials to Make RMB 31.45 Million Provision for Inventory Depreciation in 2023

Published: Jan 30, 2024 09:19

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Xinhe New Materials: It is expected to make provision for inventory depreciation of negative electrode coating materials of approximately RMB 31.45 million in 2023. Xinhe New Materials announced that due to the large and high-cost inventory of raw materials in the first quarter, the high-cost raw materials resulted in higher production costs for negative electrode coating materials, leading to an increase in the cost of main business operations for the reporting period compared to the previous year. In accordance with the relevant regulations on inventory depreciation provision in Enterprise Accounting Standard No. 1 - Inventory, the company conducted impairment testing on the year-end inventory for the reporting period and is expected to make a provision of approximately RMB 31.45 million for the inventory depreciation of negative electrode coating materials at the end of 2023.

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