EmbedWay Technologies (603496.SH) issues a profit warning, expecting a 60.65% to 73.34% year-on-year decrease in net profit for the fiscal year 2024.

EmbedWay Technologies (603496.SH) has announced its annual performance forecast for 2024, expecting a net profit attributable to the owners of the parent company to be between 21 million yuan and 31 million yuan in 2024, a decrease of 47.7835 million to 57.7835 million compared to the same period last year, a year-on-year decrease of 60.65% to 73.34%. During the reporting period, the company's performance declined due to the macroeconomic market environment and project progress. The main reasons for this were: (1) delays in the implementation of the network visualization operator project, resulting in lower-than-expected main business income; (2) an increase in accounts receivable and a higher risk of accounts receivable recovery, leading to an increase in credit impairment losses provided based on credit policies; (3) a decrease in the fair value of other non-current financial assets held at fair value through profit or loss compared to the previous period, as well as a decrease in investment income incorporated into the company using the equity method.