Xinxiang Chemical Fiber (000949.SZ) issued a profit warning, expecting a net profit of 216 million to 280 million yuan for the full year of 2024, turning losses into profits compared to the previous year.

Xinxiang Chemical Fiber (000949.SZ) released its performance forecast for the year 2024, expecting a net profit attributable to shareholders of the listed company of 216 million to 280 million yuan for the full year, turning a profit from a loss compared to the same period last year. Compared to the same period last year, the company's net profit for the reporting period increased significantly, mainly due to the increase in profits from the main product, biomass cellulose filament. Sales of biomass cellulose filament in the reporting period increased compared to the same period last year, while a decrease in raw material and energy prices led to a reduction in product unit costs, an increase in product gross profit margin, and a significant increase in gross profit.