TONTINE WINES (00389) announces a loss of approximately 261 million yuan for the first half of 2024, representing a nearly 49.96 times increase year-on-year.

TONTINE WINES (00389) announced its mid-term performance for 2024, with a year-on-year decrease in revenue of about 26% to approximately 56.141 million yuan, and a year-on-year decrease in gross profit of about 71% to approximately 6.737 million yuan. The company's owners' share of losses and comprehensive expenses for the period amounted to approximately 261 million yuan, an increase of about 49.96 times year-on-year; basic and diluted loss per share were both 86.51 cents. The announcement stated that the decrease in revenue was mainly due to the inability to obtain financial data from the subsidiary company in Tonghua, which did not include the subsidiary company's sales revenue (accounting for 21% of the total sales in 2023). Additionally, the decrease in demand for high-end domestic wine products led to a decline in the group's sales revenue and gross profit margin for some high-end wine products.