Summary by Moomoo AI
CITIC METALS CO., LTD. CONVENED ITS BOARD OF DIRECTORS ON APRIL 22, 2024 TO CONSIDER THE RESOLUTION PREPARED FOR QUARTERLY DEPRECIATION OF ASSETS FOR 2024. As a subsidiary of CITIC Shares, the Company has conducted depreciation tests on receivables and inventories that show signs of depreciation in accordance with corporate accounting standards and has prepared for depreciation accordingly. In the first quarter of 2024, receivables bad debts were prepared for $4,524,325.12, inventory drawdown were prepared for $406,560,161.71, and total drawdown of assets were prepared for $411,084,486.83, resulting in a decrease in the company's total profit by the same amount. The Board of Directors and the Board of Supervisors consider that this move complies with the relevant accounting criteria and is capable of fairly reflecting the Company's asset status and profitability.