Dunhuang Seed expects lower 2024 profit due to write-downs

Gansu Dunhuang Seed Group Co., Ltd. (SSE:600354) announced it will recognize inventory write-downs totaling 1.29888 million yuan, impacting the company's 2024 financial results. The provision for impairment relates to hybrid corn seed inventories held by subsidiaries, including Wuwei City Dunhuang Seed, Zhangye City Dunhuang Seed, and the Dunhuang Seed corn seed branch. The company stated the write-down is based on a comprehensive asset review conducted at the end of 2024, in accordance with accounting standards and company policy. While it is expected to reduce the 2024 profit, Dunhuang Seed stated it will not affect the company's ordinary operations, or the interests of its shareholders. The final amount is subject to confirmation by the company's external auditor.