Stock Track | Chabaidao Shares Plunge on Expected Profit Slump

Stock Track08-12

Shares of Chabaidao (茶百道), a leading Chinese tea beverage company, plummeted as much as 16.55% during intraday trading on Monday, following the company's announcement of a significant expected decline in its first-half profits.

In a filing with the Hong Kong Stock Exchange on Friday, Chabaidao, officially known as Sichuan Baicha Baidao Industrial (HKG:2555), warned that its net profit for the six months ended June 30 is expected to be between 220 million yuan and 250 million yuan, representing a staggering 63.03% decrease compared to the 595 million yuan profit recorded in the same period last year.

The company attributed this substantial profit drop to changes in consumer habits and spending patterns, which have been impacted by the external environment and economic conditions. As consumers tighten their belts amid economic uncertainties, Chabaidao's sales and profitability have taken a hit.

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