LanCang ancient tea (06911.HK) announced that the group is expected to decrease its revenue for the first six months ending in 2024 by no more than 17% compared to the first six months ending on June 30, 2023 ("First Half of 2023") with the RMB 0.232 billion Yuan, and the share of profit attributable to owners of the company is expected to decrease by no more than 80% compared to RMB 24.4 million in the first six months of 2023.
The board of directors believes that the expected decrease in the share of profit attributable to owners of the company for the first six months ending in 2024 is mainly due to, on the one hand, the slow recovery of terminal consumer demand and intensified competition, resulting in a decline in the group's revenue; and on the other hand, the increase in investment in brand promotion and product sales and marketing, resulting in an increase in the group's sales expenses.
