HK Stock Market Move | SHANGHAI FUDAN (01385) fell over 5% after its performance, intense competition dragged down gross profit margin, and annual net profit decreased by about 20.43% year on year.

SHANGHAI FUDAN (01385) fell more than 5% after the performance report, closing down 1.99% at HK$22.15 with a trading volume of HK$3.06 billion. In terms of news, SHANGHAI FUDAN announced that the group's total operating revenue for the year 2024 is expected to be approximately RMB 3.59 billion, an increase of about 1.51% year-on-year. The group's net profit attributable to the owners of the parent company for the year 2024 is expected to be approximately RMB 573 million, a decrease of about 20.43% year-on-year. During the period, each product line faced fierce market competition, leading to a decrease in overall gross profit margin by 5.26 percentage points due to lower product sales prices and product structure adjustment. FIRST SHANGHAI stated earlier that since 2024, the company's various businesses have been affected by intense competition in the existing market, resulting in structural price reductions for various products to consolidate market share. It is expected that the overall gross profit margin will decrease by 5% this year. The company's sales revenue from FPGA and other chips for the first 9 months of 2024 was RMB 880 million, a decrease of 3.7% year-on-year.