Summary by Moomoo AI
Henan Jinyuan Hydrogenation Chemical Co., Ltd. (Jinyuan Hydrogenation) issued a profit warning, expecting a decrease of about 40% in performance in the first half of 2024 compared to the same period last year. This expected decline is mainly due to the narrowing of the gross profit margin of the company's main product - hydrogenation of benzene-based chemicals, with the reason being that the price of the product and the price of crude benzene raw materials have increased at different rates. Although the price of crude benzene and the price of hydrogenated benzene-based chemicals in the first half of 2024 have increased comparably to the second half of 2023, the gross profit margin has improved but is still unable to offset the overall decline. This forecast is based on preliminary review of unaudited consolidated financial statements, with the final performance to be announced at the end of August 2024. The company reminds shareholders and potential investors to trade cautiously.
