Zhejiang Juli Culture Development (002247.SZ) released a forecast and expects a net profit of 180 million to 250 million yuan for the year 2024, reversing the loss to profit compared to the previous year.

Zhejiang Juli Culture Development (002247.SZ) announced its performance forecast for 2024, expecting a net profit attributable to shareholders of the listed company to be between 180 million yuan and 250 million yuan for the full year, turning losses into profits year-on-year. The main reason for the turnaround in net profit attributable to shareholders of the listed company in 2024 is: In June 2023, the company received the final judgment (2021) Yue Min Zhong 312 Civil Judgment from the Guangdong High Court regarding the contract dispute case between Beijing Tencent Cultural Media Co., Ltd, Tianjin Dianwo Information Technology Co., Ltd, Suzhou Meishengyuan Information Technology Co., Ltd, ruling that the company should bear joint and several liability for the debt involved in Meishengyuan; as this was a final judgment, the company made a provision for losses of 416 million yuan in accordance with the enterprise accounting standards in 2023. In May 2024, the company reached an execution settlement with Beijing Tencent, with settlement amount of 180 million yuan, detailed in the "Announcement on Signing an Execution Settlement Agreement with Beijing Tencent" disclosed by the company on May 21, 2024 (Announcement No.: 2024-018). During this reporting period, based on the execution settlement situation and in accordance with the enterprise accounting standards, the company reversed 236 million yuan of losses, significantly increasing the net profit attributable to shareholders of the listed company. The company believes that the reversal of 236 million yuan of losses during this reporting period is non-recurring items not related to the normal operating business of the company, and according to the "Interpretation Announcement No. 1 on Disclosure of Company Information for Publicly Issued Securities - Non-recurring Items", it is classified as non-recurring items. The main reason for the decrease in net profit after deducting non-recurring items in 2024 compared to the previous year is: the performance of the company's decorative veneer material business decreased compared to 2023.