Zhenghai Magnetic's revenue and net profits down by 55% YOY and 84% YOY in Q1
2017-04-27 17:51:22 [Print]
According to the Q1 report released by Yantai Zhenghai Magnetic Material Co., Ltd. (Zhenghai Magnetic) on April 26th, the company’s revenue and net profits were RMB151 million and RMB5.2 million in Q1, down by 55% YOY and 84% YOY respectively.
Mainly affected by two policies of Chinese new energy vehicles, “Reducing subsidies” and “Reapplying recommendation directory”, sales of new energy vehicles declined sharply in January compared with last January, resulting in dropping sales income of new energy automobile motor drive system of Zhenghai Magnetic; the company’s new products for wind power consumers are still in the stage of R&D and trial installing, leading to considerable decline in sales income of high-performance NdFeB permanent magnet material business in the wind power field.
Mainly affected by two policies of Chinese new energy vehicles, “Reducing subsidies” and “Reapplying recommendation directory”, sales of new energy vehicles declined sharply in January compared with last January, resulting in dropping sales income of new energy automobile motor drive system of Zhenghai Magnetic; the company’s new products for wind power consumers are still in the stage of R&D and trial installing, leading to considerable decline in sales income of high-performance NdFeB permanent magnet material business in the wind power field.
