Phoenix New Media Hong Kong Stock | limin Industries (00229) announced that based on the preliminary review of the company's unaudited financial results for the year ended December 31, 2021, the company expects that the net profit for the year ended December 31, 2021 will be approximately 35% lower than the audited net profit for the year ended December 31, 2020.
The announcement said that the decline in net profit was mainly due to the unfavorable exchange rate of the renminbi caused by the appreciation of the renminbi in the past 12 months, as well as increased raw material costs and transportation costs.