Interpretation of Hengdian Dongmei's 2024 Financial Report

Hengdian Dongmei, as the world's largest ferrite magnetic material manufacturer, achieved operating income of 18.559 billion yuan in 2024, a year-on-year decrease of 6.0%. Its three major business segments of magnetic materials, photovoltaics and lithium batteries performed differently. Magnetic materials revenue was 3.812 billion yuan, a year-on-year increase of 1.9%; photovoltaic product revenue was 11.070 billion yuan, a year-on-year decrease of 13.4%; lithium battery revenue was 2.415 billion yuan, a year-on-year increase of 17.7%.