Summary by Moomoo AI
On July 19, 2024, Jiumaojiu International Holdings Limited issued a profit warning, with group revenue expected to reach approximately RMB 306.4 million for the six-month period ending June 30, 2024, an increase of 6.4% year-on-year. However, the group's expected equity shareholders' net profit for the same period is not expected to be less than RMB 67.0 million, a significant decrease of not more than 69.8% compared to the same period last year. The board of directors pointed out that the decrease in net profit was mainly due to changes in consumer habits, a decrease in single-store revenue, lagging cost control measures, and asset impairment losses. The company is implementing new business models and cost control measures to improve its operational performance and is expected to announce detailed mid-term performance in August 2024.
