TIDMYTT

RNS Number : 0652G

Zhejiang Yongtai Technology Co Ltd

14 July 2023

ZHEJIANG YONGTAI TECHNOLOGY CO., LTD.

(GDR under the symbol: "YYT")

(a joint stock company established under the laws of the People's Republic of China with limited liability)

Preliminary Estimation for the Interim Results of 2023

The Company and all members of the Board of Directors confirm that all the information contained in this information disclosure is true, accurate and complete and that there is no false and misleading statement or material omission in this information disclosure.

I. Preliminary Results for the Current Period

1. Period for the estimated results: 1 January 2023 to 30 June 2023;

2. Estimated results:

   ð Loss                  ð Turn loss into profit 
   ð Increase over last year    Decrease over last year 
 
       Item               Current reporting         Corresponding 
                                period                period last 
                                                         year 
    Net profit          Profit: RMB30 million          Profit: 
    attributable            - RMB42 million           RMB493.6041 
         to                                             million 
  the shareholders 
       of the 
       listed 
      company 
                    -----------------------------  --------------- 
                     Decreased by 93.92%-91.49% 
                      as compared to 
                      the corresponding 
                      period last year 
                    -----------------------------  --------------- 
    Net profit           Loss: RMB50 million           Profit: 
  after deducting           -RMB38 million            RMB488.8735 
   non-recurring                                        million 
     gains and 
       losses 
                    -----------------------------  --------------- 
                     Decreased by 110.23%-107.77% 
                      as compared to 
                      the corresponding 
                      period last year 
                    -----------------------------  --------------- 
       Basic            Profit: RMB0.03/share          Profit: 
      earnings              - RMB0.05/share          RMB0.56/share 
     per share 
                    -----------------------------  ---------------

II. Communication with Accounting Firm

The financial data related to this preliminary results has not been audited by the accounting firm.

III. Explanation for the Changes in Results

(1) The overall results of this reporting period decreased significantly compared to the corresponding period last year, mainly due to the changes in performance of the Company's lithium battery materials segment. During the reporting period, the main product of the Company's lithium battery materials was lithium hexafluorophosphate. Although the sales quantity of this product increased year on year, the market price fell significantly over the corresponding period last year due to changes in the supply and demand relationship between upstream and downstream in the short term, resulting in a sharp decline in product sales revenue. On the other hand, the market price of lithium carbonate, the upstream raw material, was high at the end of last year and at the beginning of this reporting period, and the inventory of raw materials at the beginning of the period was also relatively high, resulting in a relatively high overall cost of lithium battery materials during the reporting period. Under the dual impact of lower sales prices and higher costs, the gross margin and gross profit of the Company's lithium battery materials segment in the first half of the year decreased significantly compared to the corresponding period last year. At present, the high-priced raw materials at the beginning of the period have been used up.

(2) The impact of non-recurring gains and losses on net profit during this reporting period is approximately RMB80 million, mainly due to the asset disposal gains generated from the demolition and compensation of the properties owned by two subsidiaries in Shanghai.

IV. Other Relevant Explanation

This preliminary result is based on the estimat ion of the Finance Department of the Company, and the specific financial data is subject to the 2023 interim report to be disclosed by the C ompany. Investors are kindly advised to make cautious decisions and pay attention to investment risks.

Board of Directors

Zhejiang Yongtai Technology Co., Ltd.

1 4 July 2023

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END

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(END) Dow Jones Newswires

July 14, 2023 04:23 ET (08:23 GMT)

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