GF HYDROCOLLOID (01084) will have an estimated annual comprehensive net profit attributable to shareholders of approximately 50 to 70 million yuan, turning losses into profits year-on-year.

GF HYDROCOLLOID (01084) announced that the company's attributable net loss for the year ending December 31, 2023 was RMB 85.3 million, and it is expected that the company's attributable comprehensive net profit for the year ending December 31, 2024 will be between RMB 50 million and RMB 70 million. The improvement in the group's profitability for the year ending December 31, 2024 is mainly attributed to the following factors: an increase in sales orders from overseas buyers, leading to an increase in sales revenue of the group's carrageenan products (including sales price and volume) compared to the previous year; and an increase in the selling price of carrageenan products relative to the market price at the end of 2023, as well as a decrease in seaweed prices resulting in lower average inventory costs, leading to a significant reversal of inventory provisions made in the previous year for carrageenan products.