Century Huatong revises 2024 profit forecast downwards

Zhejiang Century Huatong Group (SZSE:002602) announced a revised forecast for its 2024 annual results, significantly reducing its expected net profit. The company now anticipates a net profit attributable to shareholders of between CNY 90 million and CNY 120 million, a substantial decrease from the previous forecast of CNY 160 million to CNY 230 million. This revision also impacts the projected year-on-year growth, now estimated at 71.74% to 128.99%, down from 205.32% to 338.89%. The company attributes the change to a lower-than-expected performance and losses from its investment in a Hong Kong-listed company held via Changxu Investment. The company also noted that it had received administrative penalties from the China Securities Regulatory Commission (CSRC) and is still in the process of correcting prior year financial statements. The final figures are subject to audit.