Yongda Auto (03669) announced interim results. Profit attributable to shareholders of 111 million yuan decreased by 72.59% year on year

According to the Zhitong Finance App, Yongda Auto (03669) announced interim results for the six months ended June 30, 2024. The group achieved total revenue of RMB 31,036 billion (same unit), a year-on-year decrease of 13.03%; profit attributable to the company's owners was RMB 111 million, a year-on-year decrease of 72.59%; profit per share was 0.06 yuan, and an interim dividend of 0.059 yuan per share was planned.

Affected by the decline in gross profit from new vehicle sales and related services, the company's net profit and net profit attributable to company owners in the first half of 2024 were 101 million yuan and 111 million yuan respectively, a decrease of 323 million yuan and 295 million yuan respectively from the same period in 2023, a decrease of 76.1% and 72.6%.

New car sales in the first half of 2024 were 83,700 units, down 7.4% year on year. In the first half of 2024, revenue from new car sales and related services was 23.984 billion yuan, and the gross margin of new car sales and related services was 1.64%. Traditional brand car companies such as BMW and Porsche were constrained by factors such as the impact of the new car price war, weak launch of new models, and new energy brands that ensured the competitiveness of new products and growth in business scale through continuous technological innovation. Coupled with the current policy background of different taxes and different rights for oil and electricity, this led to a year-on-year decline in new vehicle sales and gross profit for traditional brands.