Shenghe Resources corrects 2024 report, clarifies key financials

Shenghe Resources Holding Co., Ltd. (SSE:600392) has issued a correction to its 2024 annual report, initially released on April 23, 2025. The updated report addresses inaccuracies in the disclosure of short-term borrowing classifications and financial details pertaining to a key subsidiary, Baotou Sanlong Rare Earth Material Co. Specifically, the initial report misstated the end-of-period balances for pledged and credit borrowings within the "Short-Term Borrowings" section, prompting a revision to accurately reflect the company's debt structure. The corrected figures reclassify the short-term borrowings, with pledged loans now listed as CNY 2,273,961,910.26 and credit loans at CNY 318,928,942.81. Additionally, the corrected report refines financial data for Baotou Sanlong Rare Earth Material Co., Ltd., a significant non-wholly owned subsidiary, impacting figures for both the period ending December 31, 2024 and the comparative period. The company also clarified information regarding a project cooperation agreement with Jiangsu Lianyungang Economic Development, amending certain descriptions and figures, but affirming the project's continued status. These corrections do not affect the company’s previously stated operational performance or overall financial results for 2024.