JINGCHENG MAC (00187) plunged more than 7% following a profit warning, with shares falling 7.61% to HK$5.10 at the time of writing. Trading volume reached HK$49.02 million. On July 14, the company issued an announcement projecting a net loss attributable to shareholders between RMB15 million and RMB18 million for the first half of 2025. This represents an increased loss of approximately RMB11.63 million to RMB14.63 million compared with the same period last year. Additionally, it expects a net loss after deducting non-recurring gains or losses ranging from RMB19.6 million to RMB23.5 million.

The primary factors behind these losses include: 1. **Export Challenges**: International trade friction has significantly pressured overseas sales in the gas storage and transportation segment, causing declines in both product volume and profitability. 2. **Emerging Market Delays**: While hydrogen energy and other new businesses showed year-on-year growth, the sector remains in its development stage with market expansion falling short of expectations. Intensified competition further eroded projected profit margins. 3. **Strategic Investments**: Increased R&D expenditures resulted from heightened investments in new product development and industrial chain enhancements to bolster core competitiveness.