Summary by Moomoo AI
New Focus Automotive Technology Holdings Limited issued a profit warning, predicting a net loss of approximately RMB 15 million to RMB 17 million for the six months ended June 30, 2024, a significant increase from the net loss of approximately RMB 5.26 million for the same period in 2023. The expansion of losses is mainly due to a decrease in non-primary business income, investment losses, increased administrative expenses, and changes in the expected net provision for credit losses. Although the company has taken measures to reduce net losses, including streamlining sales teams, optimizing sales channels, and partially repaying loans, it has not been able to reverse the trend of increasing losses. The company emphasized that this is a preliminary assessment, and specific financial data will be disclosed in the mid-year performance announcement and interim report in 2024. Shareholders and potential investors of the company should act prudently.
