Newborn Town (HKG:9911) expects a profit attributable to equity shareholders of between 460 million yuan and 500 million yuan for 2024, 10.3% to 2.5% lower than 2023, a Tuesday Hong Kong bourse filing said.
The technology company attributed the expected decrease to the one-off investment income of 160 million yuan from the acquisition of Chizicheng Strategy Investment in 2023, without which the attributable profit for 2024 shows a 29.9% to 41.2% increase compared to 2023.
The company also expects to record a total revenue between 5.00 billion yuan and 5.20 billion yuan for the reporting period, 51% to 57% higher than 2023.
The said increases in attributable profit and revenue were attributed to the group's diversified social products powered by AI and the addition of financial statements of BlueCity Holdings and Land of Glory.
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