Rongjie Corporation Reports 45.09% YoY Decline in First-Half Net Profit to RMB 166 Million Amid Lithium Market Challenges

Published: Aug 20, 2024 17:05

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【Rongjie Corporation: First-Half Net Profit of RMB 166 Million, Down 45.09% YoY】Rongjie Corporation has released its semi-annual report, announcing that the company achieved revenue of RMB 251 million in the first half of 2024, marking a year-on-year decline of 60.54%. Net profit attributable to shareholders of the parent company stood at RMB 166 million, down 45.09% YoY. Basic earnings per share were RMB 0.64. In the first half of 2024, influenced by the continuous increase in lithium salt supply and the slowdown in demand growth for lithium battery materials downstream, the sales price of lithium products dropped significantly YoY during the reporting period, leading to a decrease in net profit from the company's lithium concentrate products YoY. Additionally, the profits of the company's associate lithium salt enterprises dropped substantially YoY, resulting in a significant reduction in the company's recognized investment income. These factors combined led to a moderate decline in both the company's revenue and net profit YoY.

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