Sanergy Group Ltd. (HK:2459) has released an update.
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Sanergy Group Limited reported a significant decrease in revenue, down 26.5% for the first half of 2024, compared to the same period in 2023, amidst a challenging economic landscape affecting the steel industry. The company experienced a gross loss of roughly $8.1 million due to lower selling prices for graphite electrodes and a strategic de-stocking effort that reduced inventory levels by over 20%. Despite these setbacks, the company is diversifying with a new investment in graphite anode materials, marking a strategic shift to capitalize on the European new energy market.
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