Ningbo Fubang Jingye Group (600768.SH) issues a profit warning, expecting a net profit of 0 to 10 million yuan for the 2024 fiscal year, a year-on-year decrease of 36.46% to 100%.

Ningbo Fubang Jingye Group (600768.SH) announced that the company expects to achieve a net profit attributable to the owners of the parent company of 0 to 10 million yuan in the fiscal year of 2024, a decrease of 5,739.1 to 15,739.1 million yuan compared to the same period of last year, a year-on-year decrease of 36.46% to 100%. In 2023, the company's fair value change income of 2.5% equity in Ningbo Zhonghua Paper Co., Ltd. was 26 million yuan. The company expects a decrease in profit and loss from the fair value change of the above-mentioned equity in 2024 compared to the previous year. The company completed a significant asset acquisition of 55% equity in Ningbo Jiangyin Electrical Alloy Material Co., Ltd. (referred to as "Jiangyin Electrical Alloy") in 2024, which resulted in a significant increase in management expenses due to intermediary fees paid for this transaction compared to the previous year.