Summary by Moomoo AI
Shanghai Fudan Microelectronics Group Co., Ltd. ("Shanghai Fudan") issued a profit warning on October 18, 2024, forecasting a decline in financial performance for the nine months ended September 30, 2024. Based on a preliminary review of unaudited management accounts, the company expects revenue to decrease by approximately 2.85% to 1.39% compared to the same period last year, and net profit to decrease by 38.48% to 30.78% year-on-year. The decline in performance is mainly due to intense market competition, with the company adjusting selling prices to expand market share, leading to a decrease in gross margin, and an increase in research and development expenses. The company will publish a detailed third-quarter report in October 2024. The board of directors reminds shareholders and investors to exercise caution when buying or selling shares.