Summary by Moomoo AI
JINYUAN HCHEM issued a profit warning, expecting the performance for the year 2024 to turn from a profit of approximately 55 million yuan in 2023 to a loss of about 16 million yuan, a year-on-year decline of about 129%. The decline in performance is mainly due to the company's provision of about 41 million yuan related to the excise tax on finished oil products.According to a notification from the Jiyuan City Taxation Bureau, the company must conduct its own review of the excise tax risk that may arise from the by-products (non-aromatic) generated during the production process of selling phenyl products from crude benzene. The company has hired tax advisors to provide consultation on the related tax risks and assist in negotiations with tax authorities, making relevant provisions based on the principle of prudence. As of the announcement date, the company has not yet received a specific payment notice. The company expects to publish its annual performance announcement by the end of March 2025.
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