Invt Electric's 2024 profit slips amid revenue dip

Shenzhen Invt Electric (SZSE:002334) announced preliminary results for 2024, revealing a 5.84% year-over-year decrease in total operating revenue, amounting to CNY 432.16 million. Operating profit fell more sharply, declining 34.76% to CNY 26.39 million. Net profit attributable to shareholders also decreased by 23.86% to CNY 28.28 million. The company attributed the profit decline primarily to increased competition within the solar storage and new energy vehicle segments, which reduced revenue by CNY 268 million. It also cited increased R&D investments as a contributing factor, with R&D expenses up by CNY 38 million. A tax discrepancy at its India subsidiary also impacted results, leading to a CNY 24 million charge. Total assets stood at CNY 528.49 million at year-end, and net assets attributable to shareholders reached CNY 290.52 million, a 9.74% increase.