Summary by Moomoo AI
Net Group (the "Company") announced the interim performance for the six months ended June 30, 2024, showing a 55.5% increase in revenue compared to the same period last year, reaching RMB 298.1 million. However, the company recorded a net loss of approximately RMB 40.6 million for the same period, compared to a net profit of approximately RMB 29.7 million in the same period of 2023. Gross profit plummeted by 98.3% to approximately RMB 1.1 million. The decline in performance of the Company and its subsidiaries is mainly due to the significant increase in direct material costs, leading to a substantial increase in sales costs. The Company's main business includes procurement, processing, and trading of dried delicacies, snacks, dried aquatic products, grains, seasonings, etc. in China. The controlling shareholders...Show More