Shanghai Fudan (01385) Faying Police expects net profit to return to mother for the first three quarters to be about 400-450 million yuan, a year-on-year decrease of about 38.48%-30.78%

Zhitong Finance App News, Fudan, Shanghai (01385) announced that the group expects revenue for the first nine months of 2024 to approximately RMB 2.66 billion to RMB 2.7 billion, a year-on-year decrease of about 2.85% to 1.39%; net profit attributable to owners of the parent company is estimated to be about RMB 400-450 million, a year-on-year decrease of about 38.48% to 30.78%.

According to the announcement, the main reason for the expected decline in the Group's revenue and net profit during the period is i) Intense competition in the stock market faced by the Group's various product lines during the reporting period. In order to consolidate and expand its market share, the Group adjusted the sales prices of some products, and sales volume increased. Affected by the decline in product sales prices and product restructuring, the Group's comprehensive gross margin declined during the reporting period, and operating income decreased slightly year-on-year, so net profit attributable to owners of the parent company declined during the reporting period; and ii) during the reporting period, the Group continued to iterate products and technology and strengthened R&D based on diversified suppliers, which led to a year-on-year increase in R&D expenses.