Summary by Moomoo AI
Meidong Auto has released its interim financial report, which shows that for the six months ending on June 30, 2024, the group's revenue was approximately 1,065.59 million yuan, a decrease of approximately 24.4% compared to the same period last year. Sales revenue for new passenger vehicles decreased by approximately 29.3% year-on-year, while revenue from after-sales and mortgage application services increased by approximately 6.3% year-on-year. During the period, the gross margin decreased by approximately 19.4%, from approximately 100.11 million yuan to approximately 80.64 million yuan. The overall gross margin increased by 0.5 percentage points to approximately 7.6%. The company recorded a loss of approximately 22.9 million yuan during the period, compared to a profit of approximately 44.7 million yuan in the same period last year. The board of directors decided not to declare an interim dividend for the period. Looking ahead to the second half of the year, the group will continue to maintain efficient turnover, enhance profitability, and actively develop after-sales and mortgage application services business.
