Weixing New Materials 2024 earnings decline amidst market pressures

Zhejiang Weixing New Building Materials (SZSE:002372) announced its preliminary 2024 financial results, revealing a slight revenue decrease of 1.68% to 6.27 billion yuan. Operating profit saw a significant decline of 34.07% to 1.14 billion yuan, while net profit attributable to shareholders decreased by 33.36% to 954.54 million yuan, resulting in basic earnings per share dropping 32.22% to 0.61 yuan. The company attributes these declines primarily to reduced investment income, increased sales expenses and impairment losses, and overall market demand decline. Total assets decreased by 7.91% to 6.72 billion yuan, and net assets attributable to shareholders decreased by 8.92% to 5.09 billion yuan. The company noted a high-quality development strategy amid industry pressures and maintains that its market share has steadily increased.