MIHF: Expected to lose between 600 million and 840 million yuan in 2024

MIHF announced that it expects to achieve a net profit attributable to the parent company owners of -600 million to -840 million yuan for the year 2024; it expects to achieve a net profit attributable to the parent company owners, excluding non-recurring gains and losses, of -650 million to -890 million yuan for the year 2024. In the same period last year, the company achieved a net profit attributable to the parent company owners of -463 million yuan, and a net profit attributable to the parent company owners, excluding non-recurring gains and losses, of -469 million yuan. During the reporting period, the real estate market continued to decline, and the demand in the home furnishing industry remained sluggish. The company's operating revenue decreased compared to the same period last year. Due to the operating revenue not meeting the expected target, fixed operating costs could not be diluted, and inventory reduction led to a temporary decline in gross profit margin; in addition, the company underwent business structure adjustments, store layout changes, and the divestiture of loss-making businesses during its operational transformation process, resulting in a temporary increase in cost expenses, leading to a larger loss compared to the same period last year