---
title: "HYC: Expected net profit loss of approximately -480 million yuan in 2024"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/226111978.md"
description: "HYC expects a net loss of approximately 480 million yuan in 2024, with a loss of about 520 million yuan after deducting non-recurring gains and losses. The performance fluctuation is mainly due to the sluggish consumer electronics industry, market demand fluctuations leading to a decrease in product prices, and intensified competition affecting gross profit margins. At the same time, operating costs have risen, including new market development, personnel growth, and rising raw material costs. In addition, its wholly-owned subsidiary Suzhou HYC Oulitong is expected to have a net profit that does not meet expectations, and goodwill impairment provisions will be made"
datetime: "2025-01-24T07:36:46.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/226111978.md)
  - [en](https://longbridge.com/en/news/226111978.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/226111978.md)
---

# HYC: Expected net profit loss of approximately -480 million yuan in 2024

HYC announced that it expects to achieve a net profit attributable to the parent company's owners of approximately -480 million yuan for the year 2024, and a net profit attributable to the parent company's owners after deducting non-recurring gains and losses of approximately -520 million yuan. The company's performance changes are mainly due to the low recovery of the consumer electronics industry's prosperity, fluctuations in market demand leading to a decline in product prices, intensified market competition affecting gross profit margins, and rising operating costs, including increased investment in new market development, growth in personnel numbers, and rising raw material costs. In addition, the wholly-owned subsidiary Suzhou HYC Automation Technology Co., Ltd. did not meet the expected net profit for 2024, leading to the recognition of goodwill impairment provisions and impairment provisions for related assets that may incur asset impairment losses

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