Haige Communications revenue falls 14%, profit plunges 99%

Guangzhou Haige Communications reported operating revenue fell 13.97% to 2.23 billion yuan, while net profit attributable to shareholders plunged 98.72% to just 2.5 million yuan due to industry adjustments and delayed contract signings.

The company made significant project adjustments, cutting 120 million yuan from its "Beidou+5G" research project and reallocating funds to its "Tianxu R&D Center and Satellite Internet R&D Project."

Haige Communications approved using up to 1.2 billion yuan in temporarily idle raised funds for cash management.