Shanghai Chuangli Group (603012.SH) issued a profit warning, with the estimated net profit for 2024 expected to be between 190 million yuan and 228 million yuan, a decrease of 43.23% to 52.69%.

Shanghai Chuangli Group (603012.SH) released its performance forecast for the year 2024, expecting a net profit attributable to the owners of the parent company of 1.9 billion to 2.28 billion yuan, a year-on-year decrease of 43.23% to 52.69%. The main reasons for the change in the company's performance during the reporting period are: (1) a decline in coal prices, intensifying market competition in the coal machinery industry, resulting in a decrease in the prices of orders obtained by the company and a decrease in gross profit margin; (2) an increase in accounts receivable and aging of some accounts receivable, leading to an increase in credit impairment losses provisioned according to relevant credit policies; (3) a decrease in investment income, mainly due to the disposal of equity in subsidiary companies in 2023 that generated investment income.