9F (JFU) has released an update.
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9F Inc., a technology service provider listed on NASDAQ, reported a significant 45.1% decline in net revenues for the first half of 2024 compared to the same period in 2023, citing reduced technical service demand and e-commerce sales. On a positive note, the company saw a turnaround to profitability with a net income of RMB 12.5 million, contrasting with a net loss in the previous year, thanks to effective cost control measures. Cash reserves saw a decrease, primarily due to investments in marketable securities, while restricted cash increased due to funds received for investment in securities.
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