On July 10th, Geelong announced its performance forecast for the first half of 2024. The net income attributable to the shareholders of the listed company is expected to be a loss of 0.12-0.133 billion yuan, while in the same period last year it was a profit of 407.8342 million yuan. The net income after deducting non-recurring gains and losses is expected to be a loss of 0.123-0.136 billion yuan, while in the same period last year it was a profit of 394.5823 million yuan. The basic earnings per share is expected to be a loss of 0.62-0.69 yuan per share.
During the reporting period, the company implemented cost reduction and efficiency improvement measures, strengthened technical research and development, optimized production processes, and actively expanded new customers on the basis of ensuring existing customers. In the first half of 2024, the production capacity of each link in the photovoltaic industry chain accelerated, resulting in a temporary overcapacity and intensified industry competition. The prices of the main products in the industry chain were at historical lows in the near term, and factors such as destocking led to a significant decline in the sales volume and price of the company's quartz crucible business, and the provision for inventory depreciation increased, resulting in a negative net income.