HK Stock Market Move | Triumph New Energy (01108) fell nearly 6% in the afternoon, with first quarter revenue declining by nearly 25% and losses significantly widening to 350 million yuan.

Triumph New Energy (01108) fell by nearly 6% in the afternoon, dropping by 4.85% to HK$3.53 as of the time of writing, with a turnover of HK$10.36 million. On the news front, Triumph New Energy released its first quarter report, with the company's operating income reaching RMB 673 million, a decrease of 24.53% year-on-year; the net loss attributable to the company's shareholders was RMB 353 million, an increase of 182.33% year-on-year. BOCOM INTL previously released a research report stating that due to the low proportion of overseas revenue with high gross profit, it is expected that Triumph New Energy will face significant challenges in reversing losses in the short term. The target price was lowered to HK$3.58, with a "Neutral" rating maintained.