Beijing Jingcheng Machinery Electric Co Ltd Class H (HK:0187) has released an update.
Beijing Jingcheng Machinery Electric Co Ltd anticipates a reduced loss for the first half of 2024, estimating a net loss between RMB3 million to RMB3.6 million, a notable improvement from the previous year’s loss of RMB29.69 million. The company attributes the expected loss to persistent challenges in the export business, fierce domestic market competition, and increased investment in research and development to boost its competitive edge. These investments in new products and market expansion efforts are still at a nascent stage, with slower than expected demand growth.
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