Xinniu Technology (09600) announced that it is expected that the Group will own the company for the year ended December 31, 2023...
According to the Zhitong Finance App, Xinniu Technology (09600) issued an announcement. It is estimated that the Group's annual loss due to company owners for the year ending December 31, 2023 will not be less than RMB 65 million.
The expected losses are mainly due to the combined effects of (1) a decrease in gross profit due to a decline in operating income and an increase in sales costs; (2) a significant increase in R&D expenses due to an increase in the amount of amortization of the Group's deferred development costs; and (3) an increase in expected credit losses on accounts receivable.