Anhui Xinke New Materials (stock code: 600255.SH) released a forecasted net profit of 53 million to 70 million yuan for the year 2024, turning losses into profits.

Anhui Xinke New Materials (600255.SH) announced that the company is expected to achieve a net profit attributable to shareholders of the listed company of 53 to 70 million yuan in 2024. The net profit attributable to shareholders of the listed company in the same period last year was -61.26 million yuan. The main reasons for the expected profit are: (1) In 2024, the company will include asset disposal gains in the current period according to the signed "Compensation Agreement". (2) During the reporting period, the company's holding subsidiary Anhui Xinke Copper Industry Co., Ltd. achieved a significant increase in profit compared to the previous year due to technological transformation capacity release, product structure adjustment and enjoying the VAT additional deduction policy for advanced manufacturing enterprises. (3) During the reporting period, the company's holding subsidiary Guangxi Xinke Copper Industry Co., Ltd. achieved a reduction in losses due to the increase in production capacity. (4) During the reporting period, the company's wholly-owned subsidiary Xin Valley Metal (Wuxi) Co., Ltd. achieved a turnaround due to capacity release after relocation and renovation, enjoying the VAT additional deduction policy for advanced manufacturing enterprises, and reversal of deferred income tax liabilities, among other reasons.