Summary: In mid-Oct. 2023, Zhejiang Zhongxin Fluoride released its Q1–Q3 performance forecast, showing that its net losses are predicted to hit around USD5.57 million (RMB40.00 million).
On 13 Oct., 2023, Zhejiang Zhongxin Fluoride Materials Co., Ltd. (Zhejiang Zhongxin Fluoride) announced its performance estimation for Jan.–Sept. 2023. In Q1–Q3 2023, net profits attributed to shareholders of the listed company are expected to reach -USD5.37 million–-USD5.01 million (-RMB38.56 million–-RMB36.00 million), dropping by 129.40%–131.48% from USD17.06 million (RMB122.47 million) in Q1–Q3 2022. Specifically, net losses of Zhejiang Zhongxin Fluoride are estimated to reach USD6.00 million–USD6.35 million (RMB43.06 million–RMB45.61 million) in July–Sept. 2023, down by 243.13%–251.62% YoY.
Zhejiang Zhongxin Fluoride stated that its performance will weaken during the reporting period mainly because of the following reasons:
Downstream market demand for the company's main products slipped due to the influence of domestic and global geopolitics and economic environment; as a result, sales volume and market prices of its traditional pesticide intermediates continuously went down;
Zhejiang Zhongxin Fluoride successively carried out trial production of new projects covering fluorobenzene, 4,4'-difluorobenzophenone (DFBP), electronic grade hydrofluoric acid, adsorbent, and the fourth-generation refrigerant in Q2 and Q3 to advance transformation and upgrading of business, as well as process optimisation and adjustment, substantially pushing up costs and expenses;
The company increased R&D inputs, improve market development and sales of new products in domestic and overseas markets, resulting in YoY growth in management, sales, and financial expenses.
Source:CCM
More information can be found at CCM Fluoride Materials China Monthly Report.
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