China Rare Earth expects to realize net profit of RMB 37.055 million to RMB 53.055 million in the first half of 2023, a year-on-year decrease of 82.60% to 87.85%; net profit of RMB 36.002 million to RMB 50.002 million from deduction of non-cash earnings, a year-on-year decrease of 83.35% to 88.01%; and basic earnings per share of RMB 0.0377 to RMB 0.0540, a year-on-year decreased by 82.61% to 87.86%.
In the first half of 2023, the main reason for the decrease in China Rare Earth’s performance is that during the reporting period, due to the macroeconomic environment, industry environment and other factors, the overall trend of the rare earth market was downward, and the sales price of some rare earth commodities decreased compared with the same period of the previous year. In addition, some of the company’s commodities inventory valuation allowance increased compared with the same period last year, also has an impact on profit.
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