Jiangsu Lopal Tech. (02465) expects a year-end combined net loss attributable to shareholders to narrow to between 594.7 million yuan and 696.9 million yuan on a year-on-year basis.

Jiangsu Lopal Tech. (02465) announced that the company's finance department, based on the unaudited management accounts under Chinese Accounting Standards, has made a preliminary estimate. It is expected that for the year ending December 31, 2024 (the reporting period), the consolidated net loss attributable to the owners of the company is estimated to be between RMB 6.969 billion and RMB 5.947 billion, compared to a net loss of RMB 12.33 billion in the same period last year. The net loss range after deducting non-recurring gains or losses is expected to be between RMB 7.56 billion and RMB 6.45 billion, compared to RMB 12.4 billion in the same period last year after deducting non-recurring gains or losses. Compared to 2023, the net loss after deducting non-recurring gains or losses has decreased, mainly due to increased sales of lithium iron phosphate products in 2024 and reduced impairment of lithium carbonate inventory. The Board of Directors believes that the main reasons for the consolidated net loss attributable to the owners of the company in the reporting period are: the continued low performance of the lithium battery materials division in the new energy vehicle industry due to market supply and demand changes; significant fluctuations in the market price of lithium iron phosphate cathode materials compared to 2023; and the impact of impairment losses recognized on various assets (such as inventory, trade receivables, goodwill, and property, plant, and equipment) in accordance with applicable accounting standards and policies, as well as the recognition of non-recurring gains or losses, including expenses incurred in the listing of the company on the Hong Kong Stock Exchange and financial liabilities of minority shareholders of the company, resulting in losses.