Summary by Moomoo AI
China Meidong Auto Holdings Co., Ltd. ("Meidong Auto") announced its interim results for the six months ended June 30, 2024. During the period, the company's revenue reached RMB 1,065.59 million, a decrease of 24.4% year-on-year; gross profit was RMB 80.64 million, a decrease of 19.4%, with a gross margin of 7.6%. The company confirmed a total impairment of RMB 15.13 million for non-cash goodwill and intangible assets – automobile dealership rights, and recorded a loss of RMB 2.29 million. The company did not declare an interim dividend during the period. Looking ahead to the second half of the year, the company will continue to improve the profitability of new passenger vehicle sales and after-sales services, and explore opportunities in the new energy market. The company will maintain ample cash on hand and flexibly utilize capital to balance potential mergers and acquisitions and future development needs.