TB New Decoration Material's 2024 profit declines

Dehua TB New Decoration Material Co., Ltd. (SZSE: 002043) reported preliminary 2024 financial results, revealing a 1.48% increase in total operating revenue to 9.197 billion RMB. However, operating profit declined by 12.85% to 785.07 million RMB. Net profit attributable to shareholders decreased by 14.67% to 588.27 million RMB. The company attributes the profit decline to increased credit impairment losses due to changes in the real estate market, as well as a decline in the engineering business income of its subsidiary, Qingdao Yu Feng Hantang Wood Industry Co., Ltd., resulting in corresponding goodwill impairment. Basic earnings per share decreased to 0.72 RMB. Total assets decreased by 7.35%. The company emphasizes that these figures are preliminary and subject to change after auditing.