Songyang Resources addresses Exchange's concerns over financial issues

Guangdong Songyang Recycle Resources has responded to the Shanghai Stock Exchange's inquiry regarding the company's 2024 annual report, addressing concerns about its operating performance and financial health. The company reported a revenue of CNY 727 million, up 9.23% year-on-year, but also a net loss attributable to the parent company of CNY 236 million, marking three consecutive years of losses. The company attributed negative gross profit margins to multiple factors including raw material costs, but stated gross margin has improved versus the prior years.