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China’s MEGAIN Holding Issues Profit Warning for Fiscal Year 2024, Down 92%.
MEGAIN Holding (Cayman) Co., Ltd. has issued a profit warning, forecasting a sharp decline in net profit for the fiscal year 2024, with a projected drop of 82% to 92% compared to the previous year. This decrease is attributed to intensified competition in the compatible printer cartridge chips market, a lack of revenue from technical and design services, and rising expenses in marketing, research, and provisions for impairment on receivables.Despite these challenges, MEGAIN is shifting its focus towards new business opportunities. The company is expanding into the Internet of Things (IoT) chip market and increasing its presence in online sales, aiming to diversify its revenue streams and reduce reliance on its core printer cartridge chip business.
MEGAIN Holding, which specializes in the production of compatible printer cartridge chips, is strategically pursuing technological innovation to secure long-term growth amid current financial setbacks. The company’s ability to adapt to these changes will be critical to its future performance.
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