Hunan Changyuan LICO Posts Poor Earnings Report in Q1 due to Falling Lithium Carbonate Prices

Hunan Changyuan LICO said that in the first quarter of 2023, the company achieved revenue of 1.934 billion yuan and net profit of about 930,000 yuan, which declined slightly. The main reason is that its sales were affected by falling downstream demand in the first quarter of this year, and the depreciation and amortization pressure of some production lines was relatively large. In addition, the price of lithium carbonate fell sharply in the first quarter of this year, which also had a certain impact on its operating performance.