Furitec's revenue grew, but gross margin fell

Furitec's revenues from 2021 to the first half of 2024 were RMB 333 million, RMB 328 million, RMB 908 million, and RMB 312 million, respectively. Despite the increase in revenue, the company's gross profit margin is declining. In 2021, Furitec's gross profit margin was 11.2%, while it dropped to 6% in the first half of 2024. As of June 30, 2024, Furitec had cash and cash equivalents of RMB 276.7 million. In addition, the company also pointed out that it had unused bank financing of RMB 1.1 billion.