Summary by Moomoo AI
China Rare Earth Holdings Limited (“China Rare Earths”) announced its annual results for the year ended 31 December 2023 with revenues of approximately HK$686,073,000, down 15% from HK$810,413,000 for the same period in 2022. The full-year loss was approximately HK$209,604,000, down 47% from HK$393,677,000 in the same period last year, and a loss of HK$8.56 cents per share. Revenue in the Rare Earths division was approximately HK$469,423,000, accounting for approximately 68% of total revenue, while refractory products revenue was approximately HK$216,650,000, accounting for approximately 32% of total revenue. The rare earths division lost approximately HK$1.62 million for the year, down 56% from the same period last year, and the profit in the Refractory Materials division was HK$2,209,000, down 90% year-on-year. The Company does not propose to pay a final dividend for the year ended December 31, 2023. Looking ahead, the company expects rare earth market prices to continue to fluctuate, but remains optimistic about the long-term trend and will actively seek partners to strengthen its competitive advantage.