Oriental Culture Holding Ltd. has reported a significant decline in its financial performance for the year ended December 31, 2023. The company recorded net revenues of $1.435 million, a dramatic 91.9% decrease from the $17.647 million reported in 2022. Net revenues from related parties also fell by 13.1%, amounting to $144,609 compared to $166,325 in the previous year. Total operating revenues for 2023 were $1.580 million, down 91.1% from $17.813 million in 2022. The company attributes these changes to various factors, including fluctuations in foreign exchange rates between the RMB/HKD and USD. In terms of specific revenue streams, listing services fees declined by 77.3%, totaling $103,807 compared to $457,176 in 2023. Transaction fees also decreased by 63.3%, from $806,794 in 2023 to $296,379 in 2024. Additionally, the company noted a 78.2% decrease in basic and diluted loss per share, reporting a loss per share of $0.18 for 2024 compared to $0.84 in 2023. There are no significant updates regarding trends or uncertainties that may impact future financial conditions, as stated in the company's annual report.
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