Summary by Moomoo AI
China Graphite Group Limited (“China Graphite”) issued a notice on 8 March 2024 announcing unaudited financial results for the year ended 31 December 2023. Preliminary assessments show that the company expects net profit after tax to be between approximately RMB19.0 million and approximately RMB22.0 million in 2023, a decrease of approximately 72.2% to 75.9% from RMB79.0 million for the full year 2022. The decrease was mainly due to increased competition in the Chinese auto market, slowing growth in the lithium-ion battery industry, and reduced inventories by downstream customers. Although the natural graphite industry entered a period of adjustment in the second half of 2023, China Graphite achieved improvements in revenues and profits, and transitioned from a loss in the first half of the year to a profit through increased sales force and a reduction in efficiency strategies. The company remains optimistic about the long-term development of natural graphite and plans to seize market opportunities and improve operating performance. The Company will release audited full-year financial results by the end of March 2024.