DONGGUANG CHEM(01702) issues profit warning, expected annual net profit to decrease by approximately 53% year-on-year.

DONGGUANG CHEM (01702) announced that it is expected that the group's net profit for the year ending December 31, 2024 will decrease by approximately 53% compared to the year ending December 31, 2023. The decrease in net profit is mainly due to a decrease in overall gross profit and gross profit margin. The decrease in overall gross profit and gross profit margin is primarily due to a decrease in revenue from the sale of the group's main product urea, mainly caused by a year-on-year decline in the average selling price of the product.