Summary by Moomoo AI
China Graphite Group Limited (the "Company") announced its interim performance on June 30, 2024, with total revenue of approximately RMB 364 million, a year-on-year decrease of 22.8%. Among them, the revenue of spherical graphite and by-products is approximately RMB 102 million, and the sales revenue of flake graphite ore is approximately RMB 251 million. The gross margin is approximately RMB 29 million, with a gross margin of 8.0%, compared to 35.8% in the same period last year. The Group recorded a net loss of approximately RMB 162 million during the period, compared to a net loss of approximately RMB 33 million in the same period last year. The Group faces fierce competition in the new energy automobile industry and challenges in the market environment, actively adjusts its operational strategy, and continues to promote cost reduction and efficiency improvement. In addition, the Group obtained mining rights for the Beishan Mine in 2019 and plans to apply to the government to increase graphite mining volume to ensure future development. During the reporting period, the Group did not distribute interim dividends.
