Summary by Moomoo AI
Meidong Auto (01268.HK) announced its interim financial report for the six months ending June 30, 2024, showing that the company's earnings were approximately RMB 1,065.5 million, a decrease of approximately 24.4% year on year. Sales revenue of new passenger vehicles decreased by about 29.3% year on year, while revenue from after-sales and mortgage application services increased by about 6.3% year on year. During the period, gross profit decreased by approximately 19.4% from approximately RMB 1,001.1 million in the first half of 2023 to approximately RMB 806.4 million. The overall gross margin increased by 0.5 percentage points to approximately 7.6%. The company incurred a loss of approximately RMB 22.9 million during the period, compared to a profit of approximately RMB 44.7 million in the same period last year. The board of directors decided not to distribute interim dividends for the period. The company is facing a continuing challenging macroeconomic environment but continues to maintain efficient operation and lays a solid foundation for future recovery through strict cost control. Operating expenses decreased by approximately 19.4% year on year.
