[Minutes] Norde Co., Ltd. (600110) Investor Call Summary, 20240913

I’ll briefly introduce some key points from the annual report. We released this annual report last night, and you may have noticed that our 2023 revenue amounted to RMB 457.2 million—slightly lower year-on-year. The main reason is that prices have been continuously declining over the past two to three years. Overall, therefore, our revenue has slightly decreased. Our net profit for the year was RMB 27 million; however, after excluding non-recurring gains and losses, we incurred a loss of approximately RMB 134 million. Our non-recurring gains primarily consisted of government subsidies totaling about RMB 128 million and proceeds of roughly RMB 70 million from an auction of receivables. That’s the general picture for the entire industry. Looking at Q3, you may also observe that, since Q1, our performance has gradually deteriorated in tandem with broader industry changes and price fluctuations—prices have declined quarter by quarter. By Q3 and Q4, we began to incur operating losses. Speaker at 02:47: Currently, Q1 of this year continues the trend seen in Q3–Q4 of last year. In Q1 this year, prices were even lower than in Q4 last year. Recently, there have been some slight changes: although prices remained extremely low in Q1, the industry’s overall utilization rate stayed very low—what we call a ‘double decline’ in both volume and price. Prices fell, and output volumes continued to shrink. Our own utilization rate stood at roughly 60–70%, possibly even lower in February. Thus, our shipments in January and February totaled around 3,000 tons; output gradually recovered in March, reaching over 4,000 tons. Overall, our Q1 shipment volume was approximately 10,000+ tons—comparable to Q1 2023. Speaker at 03:51: However, notable changes emerged in April across the entire industry. First, downstream customers grew more cautious in production planning, leading to a marked increase in our order volume. As of April, our production schedule exceeds 5,000 tons—and may approach 6,000 tons. Currently, our utilization rate has already surpassed 90%. Our Huangshi base is still ramping up capacity, so at ~6,000 tons monthly output, we’ve essentially reached full utilization. Hence, recent developments indeed signal meaningful change. Speaker at 04:32: Regarding pricing—a topic many are closely watching—many asked me yesterday whether prices had increased. At present, we cannot say prices have risen. Major customers typically adopt competitive bidding for procurement. Earlier, intense low-price competition across the industry meant many bids were simply unattainable for us.

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Gulon Finance, February 17 — Ouster (OUST.US) shares continue gaining strength, currently trading at USD 3.435, up 6.6%. The company reported Q4 2023 revenue of USD 11.9 million, up 86% year-on-year; net loss narrowed to USD 28 million, compared to a net loss of USD 57 million in the same period last year.

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