Core Viewpoint - Recon Technology, Ltd reported flat revenue for the first six months of fiscal year 2024 compared to the same period in 2022, with a net loss reduction indicating some operational improvements despite challenges in specific segments [1][3]. Financial Highlights - Total revenue for the six months ended December 31, 2023, was RMB 45.3 million ($6.4 million), unchanged from RMB 45.6 million ($6.4 million) in 2022, reflecting a decrease of approximately RMB 0.3 million (0.7%) [2][4]. - Gross profit decreased to RMB 12.1 million ($1.7 million) from RMB 13.1 million ($1.8 million) in the same period of 2022, with a gross margin decline to 26.7% from 28.8% [2][5]. - Net loss was RMB 23.1 million ($3.3 million), a decrease of RMB 6.8 million ($1.0 million) from a net loss of RMB 29.9 million ($4.2 million) in 2022 [2][6]. Revenue Breakdown - Revenue from automation products and software decreased by RMB 1.5 million ($0.2 million) or 7.9%, while revenue from equipment and accessories increased by RMB 8.1 million ($1.1 million) or 83.6% [4][5]. - Revenue from oilfield environmental protection decreased by RMB 4.7 million ($0.7 million) or 37.0%, primarily due to reduced production intensity from customers [4][5]. - Revenue from platform outsourcing services decreased by RMB 2.2 million ($0.3 million) or 55.3%, attributed to reduced demand from former gas station customers [4][5]. Cost and Expenses - Cost of revenues increased slightly from RMB 32.4 million ($4.6 million) in 2022 to RMB 33.2 million ($4.7 million) in 2023 [5][6]. - Selling expenses increased by 13.1% to RMB 4.5 million ($0.6 million), while general and administrative expenses decreased by 15.9% to RMB 22.0 million ($3.1 million) [6][12]. - Research and development expenses increased by 32.4% to RMB 6.8 million ($1.0 million) [6][12]. Operational Insights - The CEO highlighted a good performance in the oilfield services business, with signs of recovery in onshore oil and gas fields and new customer development in offshore fields [3][6]. - The company is in the process of constructing a chemical plant for plastic waste recycling, which is expected to generate significant returns and meet environmental obligations [3][6]. Cash and Investments - As of December 31, 2023, cash amounted to approximately RMB 121.8 million ($17.2 million) and short-term investments were approximately RMB 134.0 million ($18.9 million) [6][10].

BEIJING, May 23, 2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") announced today that on May 22, 2024, it had received a letter dated May 22, 2024 (the "Compliance Letter") from the Listing Qualifications Hearings Department of Nasdaq notifying the Company that (i) the Company's bid price deficiency had been cured and (ii) the Company was in compliance with all applicable listing standards. Accordingly, the Compliance Letter provided that the Company's scheduled hearing ...

BEIJING, April 29, 2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") announced today that on April 23, 2024, it has received a Staff determination letter (the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company of the Staff's determination to delist the Company's securities from The Nasdaq Capital Market because the Company currently fails to satisfy the requirement that the closing bid price of its securit ...

BEIJING, April 25, 2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") announced today that the Company's shareholders approved on March 29, 2024 to effect a reverse stock split of the Company's Class A ordinary shares at the ratio of one-for-eighteen with the market effective date of May 1, 2024. The objective of the reverse stock split is to enable the Company to regain compliance with the NASDAQ Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq. Beginning wi ...

BEIJING, March 11, 2024 /PRNewswire/ -- Recon Technology Ltd ("Recon" or the "Company"), a China-based provider of oilfield services and low-carbon energy services, today announced two recently awarded bids from a newly developed oilfield-industry customer for the supply of electronic components and materials used in oilfield production. The total value of these contracts exceeds US$3 million and represents a significant milestone for the Company. "We are very pleased to have secured these contracts with th ...

BEIJING, March 4, 2024 /PRNewswire/ -- Recon Technology Ltd ("Recon" or the "Company"), a China-based oilfield service provider and low-carbon energy service provider, today announced that it will participate in the 2024 Plastics Recycling Conference in Grapevine, Texas, from March 25th to 27th. At the conference, Recon will showcase its solutions for low value plastic chemical recycling, including its solution on waste plastic collection and treatment, basic processing and techniques, factory construction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EX ...

Exhibit 99.1 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. RECON TECHNOLOGY,LTD CONDENSED CONSOLIDATED INTERIMBALANCESHEETS (UNAUDITED) | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|---------|--------------------------|------------------------------------|---------------------------------------------| | ASSETS \nCurrent assets ...