The Zhitong Finance App learned that China Building Materials (03323) fell by more than 4%, down more than 40% from the June high. As of press release, it decreased by 3.91% to HK$3.69, with a turnover of HK$105 million.

According to the news, China Building Materials announced that it expects a net loss of about 890 million yuan to mother in the first half of the year, while the profit for the same period last year was 1.36 billion yuan, changing from profit to loss over the same period last year. This is mainly due to a decrease in sales prices of the company's main products, cement, commercial concrete, and aggregates, a decline in sales of commercial concrete and gypsum board, an increase in impairment provisions for property, plant and equipment and goodwill impairment provisions, and an increase in net losses due to changes in the fair value of financial assets confirmed according to fair value in profit and loss accounts.

According to the announcement, some of the losses were offset by rising sales prices and falling sales costs of glass fiber, rising sales prices of electronic cloth, increased sales of electronic cloth and lithium battery separators, and falling sales costs of cement and commercial concrete. However, the Group's shareholding ratio in the new materials sector business, which has increased profits, has not fully offset the decline in profits in the basic building materials sector business where the Group has a high shareholding ratio.

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